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

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

          Monday, March 29, 2021, Vol. 22, No. 57

                           Headlines



A R G E N T I N A

ARGENTINA: Can't Repay IMF $45Billion, Vice President Says


B E R M U D A

SIGNET JEWELERS: Fitch Affirms 'B' LT IDR, Alters Outlook to Pos.


B R A Z I L

BRAZIL: Inflation Rises to Multi-Year High in mid-March
COMPANHIA SIDERURGICA: Fitch Raises LT IDRs & Unsec Notes to 'BB-'
RB CAPITAL: Moody's Ups Real Estate Certs Rating from 'Ba1'
TUPY SA: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable


C O L O M B I A

COLOMBIA TELECOMUNICACIONES: S&P Cuts ICR to 'BB', Outlook Neg.


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: All Fuel Prices Freeze for 4th Week in a Row
DOMINICAN REPUBLIC: Climate Change Could be Hobbling Cocoa
DOMINICAN REPUBLIC: US$2.3BB Injection Averted Poverty


M E X I C O

BANCO COMPARTAMOS: Fitch Affirms 'BB+' LT IDRs, Outlook Negative
OPERADORA DE SERVICIOS: Moody's Rates $150M Upsized Notes 'Ba2'


P A N A M A

BANCO LA HIPOTECARIA: Fitch Affirms 'BB+' LT IDR, Outlook Negative


P U E R T O   R I C O

EL BUCANERO: Seeks Court Approval to Hire Accountant
LIBERTY COMMUNICATIONS: Moody's Affirms B1 CFR on Debt Repayment


U R U G U A Y

URUGUAY: Economy Contracts 5.9% in 2020, Battered by Pandemic


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Unit Declares Bankruptcy, Cites Sanctions


X X X X X X X X

[*] BOND PRICING: For the Week March 22 to March 26, 2021

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Can't Repay IMF $45Billion, Vice President Says
----------------------------------------------------------
Juan Pablo Spinetto and Eric Martin at Bloomberg News report that
Argentina is unable to repay its $45 billion debt with the
International Monetary Fund under current negotiating conditions,
influential Vice President Cristina Fernandez de Kirchner said
diminishing the possibility of an agreement with the country's
largest creditor.

"We can't pay because we don't have the money to pay," Fernandez de
Kirchner said at an event in Buenos Aires, adding that the terms
and conditions are "unacceptable," according to Bloomberg News.

Fernandez de Kirchner's comments come after discussions between
Economy Minister Martin Guzman and IMF Managing Director Kristalina
Georgieva in Washington that what was described by both sides as a
"very good meeting," Bloomberg News relays.

Bloomberg News discloses that the hardline stance from Fernandez de
Kirchner, who battled with creditors during her eight years in
office from 2007 to 2015, may help bury the already diminished
prospects for a deal to get done before key midterm elections in
October.  President Alberto Fernandez leads a broad Peronist
coalition, and Fernandez de Kirchner comes from a more radical but
important left-wing group, Bloomberg News relays.

"Key players in the government's coalition would prefer to be
perpetually at war with the Fund," Benjamin Gedan, director of the
Argentina Project at the Wilson Center, a Washington-based think
tank, Bloomberg News discloses.  "That attitude is not productive
and complicates the economy minister's efforts to negotiate a new
program," he added.

Spokesmen for Argentine President Fernandez and the Economy
Ministry didn't respond to requests for comment.

Argentina's Foreign Ministry announced that the nation is formally
leaving the so-called Lima Group of western hemisphere nations who
seek a peaceful transition of power from Nicolas Maduro's
government in Venezuela, Bloomberg News relays.  Moves to isolate
Maduro's government "haven't led to anything," and the inclusion of
his Venezuelan opposition in the bloc has led to positions that
Argentina can't join, the ministry said in a statement obtained by
Bloomberg News.

Bloomberg News discloses that Argentina restructured its debt with
bondholders last year and is still trying to reschedule payments
with the Washington-based lender.

The cost to protect against losses on Argentina's debt jumped to
the highest level since the country emerged from default last year,
Bloomberg News says.  Credit-default swaps linked to the nation
rose 1 percentage point to an upfront cost of 39 percentage points,
according to ICE Data Services, Bloomberg News notes.  That means
it would cost $3.9 million upfront to insure $10 million of
Argentina bonds, Bloomberg News relays.

In the speech, Fernandez de Kirchner was flanked by Axel Kicillof,
the governor of Buenos Aires Province and her son Maximo, who is a
lawmaker, Bloomberg News notes.  She called on the opposition to
help seek better terms from the fund since they are responsible for
taking on the debt under former President Mauricio Macri, Bloomberg
News relays.

"We are not saying to not pay the debt," Fernandez de Kirchner
said.  "Our political group was the only one that paid the debts of
all the other governments.  We should make an effort, the ruling
party and the opposition, to give us a longer term and a different
interest rate on a debt that others have contracted," she added.

Guzman's visit to Washington came after talks yielded little
visible progress since they began last September, and after he met
with investors in New York, Bloomberg News notes.

While IMF negotiators prefer to hash out a deal with Argentina as
soon as possible to put the country back on a path to growth, the
Fund knows it can't force the nation's hand, people familiar with
the talks said earlier this month, Bloomberg News recalls.

Officials in Buenos Aires already had been taming expectations on
an agreement, with President Fernandez recently saying he doesn't
want to rush talks, Bloomberg News discloses.  He has yet to send a
detailed economic plan to the IMF or even top leaders within his
coalition -- a key step to move the negotiation forward, Bloomberg
News says.

                       Political Calculus

Fernandez already faced a narrowing political path as the Oct. 24
vote approaches, Bloomberg News notes.  Announcing an agreement
with the Fund, which is likely to include fiscal austerity pledges,
could hurt the ruling coalition's standing in a country where the
IMF is usually blamed for its recurrent economic crisis, Bloomberg
News says.

Argentina faces an economic minefield.  The country is just
emerging from three years of recession, inflation is projected to
hit nearly 50% this year and unemployment is in the double digits,
Bloomberg News discloses.  The government's $65 billion debt
restructuring with private creditors last year didn't boost its
credibility, and the bonds are now in junk territory again,
Bloomberg News relays.  The country has no access to foreign
credit, forcing it to print money.

Now seeking its 22nd IMF program since 1956, Argentina's fraught
history with the lender includes its 2001 financial crisis, when
painful budget cuts urged by the Fund failed to avert an economic
collapse and debt default, Bloomberg News discloses.  The record
agreement in 2018, which failed to lift the economy, also
translated into more austerity that led Argentines to vote out a
pro-business government and elect Fernandez, Bloomberg News says.

"It's not totally unexpected, this is an electoral year and she is
delivering the message to their voting base, and we should expect
more of the same from her," said BBVA strategist William Snead in
an interview from New York, Bloomberg News adds.

                        About Argentina

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

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

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

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

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



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B E R M U D A
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SIGNET JEWELERS: Fitch Affirms 'B' LT IDR, Alters Outlook to Pos.
-----------------------------------------------------------------
Fitch Ratings has affirmed Signet Jewelers Limited's and Signet
Group Limited's ratings, including their Long-Term Issuer Default
Rating (IDR) at 'B'. The Outlook has been revised to Positive from
Negative.

Signet's ratings reflect the significant business interruption
resulting from the coronavirus pandemic, which led to a 15% decline
in 2020 revenue to $5.2 billion. EBITDA consequently declined
around 30% to around $350 million in 2020.

The Positive Outlook reflects Signet's strengthening performance
throughout the year and Fitch's expectation that adjusted leverage
could be 5.1x in 2021. Revenue grew 4% while EBITDA grew
approximately 30% in 2H20 compared with 2H19 on improving customer
traffic and expense management. Signet's good performance and its
$440 million of debt reduction in 2020 resulted in 2020 adjusted
debt/EBITDAR of 5.8x, only modestly above the 5.4x in 2019.

Signet could be upgraded to 'B+' if the company meets Fitch's 2021
projections, including EBITDA rebounding toward $450 million on 11%
revenue growth to $5.8 billion.

KEY RATING DRIVERS

Coronavirus Pandemic: The pandemic has severely affected revenue
trajectories for retailers in categories like jewelry, which have
suffered from mandated or proactive store closures and weak traffic
particularly during shelter in place periods. Numerous unknowns
remain including the timing of vaccine deployment, economic
conditions exiting the pandemic, the impact of ongoing government
support of business and consumers, and the crisis' impact on longer
term consumer behavior.

Signet's topline declined around 15% in 2020 from $6.1 billion to
$5.2 billion; EBITDA fell 30% to around $350 million from
approximately $500 million. Results improved markedly in 2H20, with
revenue and EBITDA up 4% and 30%, respectively, compared with 2019.
Fitch believes that once stores reopened, jewelry benefitted as
consumers re-allocated discretionary budgets away from services
like travel and entertainment. Signet's 2H20 EBITDA also benefitted
from cost reductions, with selling, general and administrative
expenses down 7% during the period.

Revenue could rebound approximately 11% to $5.8 billion in 2021,
with EBITDA around $445 million. Signet's revenue in the 2H21 could
decline if consumer discretionary budgets tilt back toward services
like travel. There is also some uncertainty regarding the impact of
the 375 (12% of store base) net store closures in 2020 on Signet's
sales, as well as the level of sales volume in 2H20 which
represented pent up demand following 1H20 store closures.

Pre-pandemic Operating Challenges: Signet's pre-pandemic revenue
declined from a peak of $6.6 billion in 2015 to $6.1 billion in
2019. Revenue declines were driven by generally negative same-store
sales (SSS) and closure of around 10% of the company's store base,
which declined from 3,625 at the end of 2015 to 3,208 at the end of
2019. EBITDA declined approximately 50% to $500 million in 2019
from $1 billion in 2015. Fitch estimates that $150 million of the
EBITDA reduction was due to the 2017 outsourcing of Signet's credit
operations and sale of its prime receivables.

Fitch believes Signet's weak performance suggests the company's
brands and merchandise assortment were not resonating with
consumers. The company lagged on investments in an omnichannel
platform and innovative product design and marketing.

Revenue Stabilization Initiatives: The company has implemented a
number of initiatives to improve SSS in recent years, including
increasing the pace of product innovation, developing product
extensions and investing in its omnichannel platform. During 2020,
the company intensified its focus on key strategies including
investments in its digital shopping platform and using consumer
data to guide decision making in merchandising and to allow greater
personalization in service.

Signet has undertaken several rounds of expense management to
support topline investments. During 2018-2020, the company achieved
over $300 million in annualized net savings. In March 2021, the
company announced another three-year, $175 million to $200 million
cost reduction goal. The company expects to redeploy much of these
savings into topline investments as it has over the past three
years.

While the volatile 2020 operating environment complicates an
analysis of results, recent trends have been encouraging, including
15% and 7% SSS (which include digital sales) results in 3Q20 and
4Q20, respectively. These results exceed Signet's overall revenue
growth due to store closures. Digital sales growth was 71% in both
3Q20 and 4Q20 and represented 23% of sales in 4Q20.

Beginning 2022, Fitch expects Signet's topline initiatives could
allow the company to grow topline around 1% annually. Fitch expects
growth to largely come from its digital business. This assumes
Signet is able to reverse its modestly negative pre-pandemic SSS
trends through successful implementation of its strategy.

Leading Jeweler Position: Signet is the leading U.S. specialty
jeweler with approximately 7% pre-pandemic share of a generally
fragmented industry (2020 results are difficult to analyze given
various levels of store closures). The company's $500 million in
2019 Canada/U.K. revenue also give it leading positions in these
markets. The company ended 2020 with 2,833 stores across well-known
brands like Kay, Jared, Zales and Piercing Pagoda in the U.S.;
Peoples in Canada; and H.Samuel and Ernest Jones in the U.K.

Given the increasing importance of a digital presence in the
jewelry segment, Signet benefits from its scale and ability to
invest in ecommerce and its omnichannel platform. The company plans
to invest between $150 million and $175 million in 2021 capex, much
of which is expected to support Signet's omnichannel expansion.
These investments are in addition to Signet's operating
investments, including partial redeployment of the cost reductions
expected over the next three years. If executed effectively, these
investments could provide Signet competitive advantages against
smaller and independent jewelers with limited capacity to invest.

DERIVATION SUMMARY

Signet's 'B' rating and Positive Outlook reflect Signet's
strengthening performance over the course of 2020, including 4%
revenue growth and approximately 30% EBITDA growth in 2H20 compared
with 2H19 on improving customer traffic and expense management
efforts. Signet's good performance and its approximately $440
million of debt reduction from year-end 2019 resulted in 2020
adjusted leverage (adjusted debt/EBITDAR, capitalizing leases at
8x) of 5.8x, modestly above the 5.4x in 2019. Signet's ratings
could be upgraded to 'B+' if the company meets Fitch's base case
projections, including EBITDA rebounding toward $450 million in
2021 on 11% revenue growth to $5.8 billion. This would yield
adjusted leverage of 5.1x, below the 5.5x threshold Fitch views as
appropriate for a 'B+' rating.

Rite Aid Corporation's (B-/Stable) rating reflects continued
operational challenges, which have heightened questions regarding
the company's longer-term market position and the sustainability of
its capital structure. Persistent EBITDA declines have led to
negligible to modestly negative FCF and elevated adjusted
debt/EBITDAR in the low- to mid-7.0x range in recent years, despite
some signs of pharmacy sales stabilization over the past year.
Fitch believes that operational challenges include both a
challenged competitive position in retail and, more recently,
sector-wide gross margin contraction resulting from reimbursement
pressure. A new leadership team, installed over the past year, is
implementing initiatives to drive growth across the business while
streamlining costs. Recent results have shown some early evidence
of a stabilizing trajectory despite operational challenges related
to the coronavirus pandemic, which is expected to somewhat
negatively impact 2020 EBITDA.

The 'B'/Stable rating for LSF9 Holdings, Inc. (Victra) reflects its
reasonably stable position as the largest authorized retailer for
the leading personal communications provider Verizon Communications
Inc. (A-/Stable), and the company's good long-term operating track
record, albeit mitigated by some declines in recent years. The
rating considers the company's relatively small scale and narrow
product and brand focus within the U.S. retail industry. Finally,
the rating reflects the expectations of good cash flow of around
$40 million annually prior to sponsor dividends and adjusted
leverage (adjusted debt/EBITDAR, capitalizing leases at 8x)
trending in the high-5x range following the company's debt-financed
dividend in 2021.

KEY ASSUMPTIONS

-- Signet's revenue, which declined nearly 15% in 2020, is
    expected to rebound approximately 11% to $5.8 billion in 2021,
    around 5% below 2019 revenue of $6.1 billion. Given the
    trajectory of 2020 operations, Fitch assumes stronger revenue
    growth in the first half as the company laps store closures.
    Beginning 2022, revenue could grow around 1% primarily on
    digital growth, assuming some of the company's topline
    initiatives reverse the modestly negative pre-pandemic trends.

-- EBITDA is projected to expand from $350 million in 2020 toward
    $450 million in 2021 as revenue rebounds. 2021 EBITDA could
    still be 10% below the $500 million level achieved in 2019.
    EBITDA should modestly grow alongside revenue beginning 2022,
    with EBITDA margins around 7.7%, modestly below the 8.2% in
    2020 given lower revenue.

-- Fitch expects 2021 FCF could be an outflow of as much as $800
    million despite higher EBITDA, given the reversal of working
    capital benefits and capex of around $170 million. FCF in 2020
    was $1.3 billion as Signet benefitted from an approximately
    $300 million reduction to inventory and $600 million increase
    in payables and a $53 million reduction in capex to $83
    million.

-- The company also suspended its approximately $19 million
    quarterly common dividend and elected to pay-in-kind its
    approximately $8 million quarterly preferred dividend, both
    beginning in the second quarter, reducing 2020 cash costs by
    approximately $81 million relative to 2019. Fitch assumes
    Signet could begin resuming quarterly cash dividends ($19
    million common and $8 million preferred) in the third quarter
    of 2021. FCF beginning 2022 could be around $100 million
    annually, assuming neutral working capital.

-- Total adjusted debt/EBITDAR (capitalizing leases at 8x) could
    decline to 5.1x beginning 2021, versus 5.8x in 2020 and 5.4x
    in 2019.

-- Achievement of the above, including EBITDA expansion such that
    adjusted leverage sustained in the low-5x, could support a
    one-notch upgrade in Signet's rating to 'B+'.

RATING SENSITIVITIES

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

-- An upgrade could occur if Signet achieves Fitch's base case
    assumptions, including EBITDA rebounding above $400 million,
    which would yield adjusted debt/EBITDAR (capitalizing leases
    at 8x) below 5.5x;

-- Fitch could stabilize Signet's Outlook if weaker-than-expected
    operating performance, with EBITDA in the mid-$300 million
    range, leading to adjusted debt/EBITDAR trending above 5.5x.

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

-- A downgrade could occur if Signet's topline rebound failed to
    materialize, yielding EBITDA declining toward $300 million,
    limited FCF generation and adjusted debt/EBITDAR (capitalizing
    leases at 8x) above 6.0x.

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

Comfortable Liquidity and Debt Maturity Schedule: As of Jan. 30,
2021, Signet had $1.17 billion in cash and cash equivalents and no
borrowings on its $1.5 billion ABL facility due September 2024,
with $1.3 billion in available borrowing capacity. While Fitch
expects 2021 FCF could be an outflow of as much as $800 million due
to reversal of working capital benefits, cash at the end of 2021
could be around $400 million, similar to the $375 million of cash
at the end of 2019.

During 2020, the company deployed approximately $465 million toward
debt reduction, including its entire $100 million FILO term loan,
the $270 million of asset-based revolver (ABL) borrowings it had as
of the beginning of the year, and $96 million of other loans and
overdrafts.

As of Jan. 30, 2021, the company's capital structure consists of
$147.6 million in unsecured notes due July 2024 and $642.3 million
of preferred equity, which receive 0% equity credit. Permanence in
the capital structure — in this case permanence of the
convertible preferreds — is necessary for equity credit
recognition. Fitch views these securities as debt in a permanent
view of the capital structure, with the main purpose being to
support the company's stock price. Fitch would expect the company
to refinance the convertibles with debt upon 2024 maturity.

In March 2021, the company announced a target of adjusted leverage
below 3.0x. The target capitalizes leases at 5x and thus equates to
a target of approximately 4.5x on Fitch's leverage calculation
which capitalizes rent at 8x.

KEY RECOVERY RATING ASSUMPTIONS

In Fitch's recovery analysis, Signet's value is maximized as a
going concern at approximately $2 billion. Fitch assumes a going
concern EBITDA of around $400 million on a smaller store base. The
company could accelerate store closings at its mall-based banners
such as Kay and Zales as well as smaller regional banners that have
been more challenged, resulting in a post-restructuring revenue
base around $4.5 billion, assuming some digital growth. Assuming a
mid-8% EBITDA margin, modestly above the 8.2% seen in 2019 on cost
reductions and closure of less profitable stores, going-concern
EBITDA would be $400 million. Fitch uses a 5.0x multiple, which is
around the 5.4x median multiple for retail going concern
reorganizations, the 12-year retail market multiples of 5x to 11x
but lower than the 7x to 12x for retail transaction multiples.

Fitch's liquidation analysis results in value of approximately $1.6
billion, below its going-concern value. Signet's liquidation value
primarily comes from its inventory, which was $2.0 billion at the
end of 2020, and some fixed assets. Fitch assumes the net orderly
liquidation value at 70% or $1.4 billion of the book value of
inventory.

The $1.5 billion ABL revolver, which is governed by a borrowing
base including inventory and receivables is fully recovered and is
thus rated 'BB'/'RR1'. The remaining $147.6 million in senior
unsecured notes, which are pari passu to operating lease claims,
have superior recovery prospects and are thus rated 'BB-'/'RR2'.

The Preferred Equity has good recovery prospects and are thus rated
'B+'/'RR3.'

SUMMARY OF FINANCIAL ADJUSTMENTS

Financial Adjustments:

-- Historical and projected EBITDA is adjusted to add back non
    cash stock-based compensation;

-- Fitch has adjusted the historical and projected debt by adding
    8x annual gross rent expense.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.



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B R A Z I L
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BRAZIL: Inflation Rises to Multi-Year High in mid-March
-------------------------------------------------------
Rio Times Online reports that Brazilian consumer inflation rose to
new multi-year highs in the month to mid-March, statistics agency
IBGE said March 25, driven by strong rises in transport and housing
costs.

The IPCA-15 monthly price index rose 0.93%, the highest March
reading for six years, and the annual rate of inflation rose to
5.52%, the highest in over four years and above the central bank's
upper limit of its target range for this year, according to Rio
Times Online.

The monthly rate was virtually double the 0.48% rate the month
before, adds the report.

                        About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas.  Jair Bolsonaro is the current president, having
been sworn in on Jan. 1, 2019.

S&P Global Ratings affirmed on December 14, 2020, its 'BB-/B'
long-and short-term foreign and local currency sovereign credit
ratings on Brazil. The outlook on the long-term ratings remains
stable.  Fitch Ratings' credit rating for Brazil stands at 'BB-'
with a negative outlook (November 2020). Moody's credit rating for
Brazil was last set at Ba2 with stable outlook (April 2018). DBRS's
credit rating for Brazil is BB (low) with stable outlook (March
2018).

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings' stable outlook assumes that timely implementation
of fiscal adjustment and modest economic recovery will help
preserve market confidence and adequate funding conditions for the
government in local markets in the next two years, despite a
sustained increase in the debt burden.


Brazilian consumer inflation rose to new multi-year highs in the
month to mid-March, statistics agency IBGE said on Thursday, March
25, driven by strong rises in transport and housing costs.

The IPCA-15 monthly price index rose 0.93%, the highest March
reading for six years, and the annual rate of inflation rose to
5.52%, the highest in over four years and above the central bank's
upper limit of its target range for this year.

COMPANHIA SIDERURGICA: Fitch Raises LT IDRs & Unsec Notes to 'BB-'
------------------------------------------------------------------
Fitch Ratings has upgraded Companhia Siderurgica Nacional's (CSN)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
to 'BB-' from 'B+' and its National Scale ratings to 'A (bra)' from
'A-(bra)'. Fitch has also upgraded the senior unsecured notes of
CSN Inova Ventures, CSN Islands XII Corp, and CSN Resources that
are all guaranteed by CSN to 'BB-'/RR4' from 'B+'/'RR4'. The Rating
Outlook remains Positive.

CSN's ratings reflect the company's solid iron ore business and
strong Brazilian flat steel market position, as well as the cost
competitiveness of these businesses. The upgrades in ratings follow
CSN's continued efforts to substantially strengthen its capital
structure. Elevated iron ore prices and sufficient operational
flexibility bolstered FCF for more than two years. The Positive
Outlook reflects Fitch's expectation of additional deleveraging in
the next 12 to 18 months.

KEY RATING DRIVERS

Solid FCF: Fitch projects that CSN will generate BRL14.3 billion of
EBITDA and BRL5.4 billion of FCF during 2021 after spending BRL2.8
billion on capex, which is a hike from BRL1.7 billion of
investments in 2020. Fitch's base case forecasts 31 million tons of
iron ore production for CSN, the sale of an additional 7 million
tons of iron ore bought from third parties and uses iron ore prices
of USD125/ton. These volumes are 22% higher than those of 2020,
when intense rainfall affected CSN's first half of the year
production, but remain 1% below those of 2019.

Steel Environment Remains Supportive: CSN's consolidated steel
sales reached 4.65 million tons in 2020, rising by 3% over 2019
despite the difficulties triggered by the coronavirus crisis. CSN
and several other Brazilian steel producers closed plants early in
2020 to respond to the pandemic. Hence, while Brazil's apparent
consumption rose by 3%, crude steel production fell by 5% in 2020
leading to sound steel prices. Fitch anticipates CSN's steel
volumes will grow 10% and prices rise 5% in 2021.

Decreasing Debt Burden: Strong FCF generation allowed CSN to lower
its Fitch calculated net debt to USD4.7 billion at the end of 2020
from USD6.7 billion at the end of 2019. The company had BRL38.1
billion (USD7.4 billion) of Fitch adjusted total debt at the end of
2020 and BRL13.7 billion (USD2.7 billion) of cash and marketable
securities. Fitch includes BRL2.9 billion of advances received from
Glencore for a 33 million tons iron ore supply contract and
excludes lease related debt from its debt adjustments. Fitch
forecasts that CSN will end 2021 with a net debt/EBITDA ratio of
1.0x. This ratio is expected to weaken as iron ore prices fall;
Fitch uses USD90/ton for its forecast for 2022, USD80/ton in 2023,
and USD70/ton in 2024. The impact of the fall in iron ore prices
will be partially offset by stronger results from CSN's steel
division and new production coming from the Itabirite projects.

Reprofiling Short-Term Debt Concentration: CSN had about 50% of its
debt falling due by the end of 2023 as of Dec. 31, 2020.
Approximately 70% of the debt falling due during this time frame is
with Brazilian banks. Caixa Economica Federal, Banco do Brasil and
Bradesco are CSN's largest lenders. Bradesco and Banco do Brasil
have also lent money to CSN's controlling shareholder. CSN's 2021
liability management program will lead to the repayment of BRL 3.7
billion of bank debt, the refinancing of the 2023 bond, a decrease
in annual amortization to BRL2.0 billion from BRL4.6 billion
between 2021 and 2024, and an extension of cash coverage of
near-term debt from 20 months to 60 months.

CSN Mineracao Listing: The BRL4.1 billion (USD760 million) of
proceeds from the Sao Paulo Stock Exchange IPO of CSN Mineracao on
February 2021 were split between the parent and the subsidiary.
Approximately BRL1.3 billion remained within the company to expand
its mining projects and port terminal and BRL2.8 billion funded
CSN's debt prepayment efforts with its Brazilian banks. This
listing follows CSN's strategy during the past few years to
accelerate its deleveraging through the sale of assets. The listing
or disposal of additional assets remain under consideration.

DERIVATION SUMMARY

CSN's 'BB-'/Outlook Positive rating reflects its solid business
position. The volatility of the Brazilian economy and its impact on
the company's steel business is an additional credit
consideration.

CSN's more integrated business profile and diversified portfolio of
assets compare well with Usinas Siderurgicas de Minas Gerais S.A.'s
(Usiminas; BB-/Stable). Both issuers are highly exposed to the
local steel industry in Brazil. CSN and Usiminas show weaker
business positions than Brazilian steel producer Gerdau S.A
(Gerdau; BBB-/Stable), which has a diversified footprint of
operations with important operating cash flow generated from its
assets abroad, mainly in the U.S., and flexible business model
(mini-mills) that allow it to better withstand economic and
commodities cycles.

Among the three business steel producers, Gerdau has consistently
maintained the strongest balance sheet, most manageable debt
amortization schedule, and has consistently made efforts to improve
its capital structure through assets sales or equity issuances.
Gross debt levels at CSN remain high relative to Gerdau and
Usiminas. CSN also has a more challenging debt amortization
schedule than either Usiminas or Gerdau.

CSN's first quartile position on the hot rolled coil steel cost
curve compares similarly to global peers such as PAO Severstal
(BBB/Stable), as the company benefits from its vertical integration
and the weak BRL. CSN and Severstal both benefit from a significant
share of high value-added products that make up their sales. CSN
exhibits much weaker credit metrics when compared to Severstal and
its significant refinancing risks reflect the differential between
its rating and its global peer.

KEY ASSUMPTIONS

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

-- Benchmark iron ore prices average USD125/ton in 2021,
    USD90/ton in 2022 and USD80/ton in 2023;

-- Iron ore volumes rebound by 22% in 2021, remain flat in 2022,
    and grow 4% in 2023;

-- Steel volumes increase by 10% in 2021, grow by 3% in 2022 and
    stay flat in 2023;

-- Capex reaches BRL2.8 billion in 2021, and averages BRL5
    billion till 2024 to build the Itabirite expansion.

RATING SENSITIVITIES

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

-- Additional asset sales in order to support gross debt
    reduction;

-- Improved debt amortization schedule;

-- Sustained adjusted total debt/EBITDA ratio below 3.5x and/or
    adjusted net debt/EBITDA ratio below 2.5x.

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

-- Inability or unwillingness to reduce gross debt levels with
    cash proceeds from asset sale;

-- Sustained adjusted total debt/EBITDA ratio above 4.5x and/or
    adjusted net debt/EBITDA ratio above 3.5x;

-- Adverse regulatory changes in Brazil's mining industry.

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

CSN had BRL38.1 billion (USD7 billion) of Fitch adjusted total debt
as of Dec. 31, 2020. Fitch's debt figure includes BRL2.9 billion of
advances received from Glencore for a 33 million tons iron ore
supply contract and excludes lease related debt from its
adjustments. Capital markets debt represents 54% of the Fitch
adjusted debt total, while banks account for 39% of debt and the
Glencore advance represents the final 7% of debt. Including the
Glencore debt, approximately 70% of the company's debt is
denominated in U.S. dollars or euros.

At the end of December, CSN had BRL9.9 billion of cash and
marketable securities and BRL9.25 billion of debt due during 2021
and 2022. It is fully comprised of bank debt. The liability
management program under way attempts to extend the maturity of
bank obligation. The resulting schedule for 2021 and 2022 is
expected to be of BRL7.2 billion. The average annual amortization
would fall to BRL2.0 billion from BRL4.6 billion between 2021 and
2024 effectively extending cash coverage from nearly 20 months to
60 months. In addition to these bank and capital markets
obligations, CSN has to make payments of about USD150 million per
year for the next five years, according to terms of the cash
advance it received from Glencore for its iron ore supply
agreement.

The plan also includes a BRL4.4 billion of debt reduction. CSN
prepaid BRL3.7 billion using part of the BRL4.1 billion proceeds
from the IPO of CSN Mineracao in February. These advances are part
of the negotiations with Caixa, Banco do Brasil, and Bradesco that
is reducing this portion of total debt from BRL11.1 billion to
BRL7.2 billion. In addition, BRL500 million of prepayments to other
banks are expected.

Caixa Economica Federal and Banco do Brasil are CSN's largest
lenders; Bradesco and Santander are also important lenders.
Bradesco and Banco do Brasil also lent money to CSN's controlling
shareholder, which makes them reliant to a degree upon CSN's
continued success and dividend distributions.

ESG CONSIDERATIONS

CSN's previous ESG Relevance score of '5' for Governance Structure
has been lowered to '4'. The key person risk and limited board
independence through a single powerful shareholder continues to
have a negative impact on the credit profile, and is relevant to
the 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.

RB CAPITAL: Moody's Ups Real Estate Certs Rating from 'Ba1'
-----------------------------------------------------------
Moody's America Latina has upgraded the global scale ratings of the
80th series of real estate certificates ("certificados de
recebiveis imobiliarios" or CRI) issued by RB Capital Companhia de
Securitizacao (not rated) to Baa3 from Ba1 (local currency) and
affirmed the national scale ratings of Aaa.br, following the
upgrade of the underlying real estate credit notes ("cedulas de
credito imobiliario" or CCI) to Baa3 from Ba1 (global scale, local
currency) on March 17, 2021.

The CRI are backed by CCI ("cedulas de credito imobiliario") where
Suzano Papel e Celulose S.A. (Suzano, Baa3/Aaa.br) is the obligor.

Issuer: RB Capital Companhia de Securitizacao.

80th Series / 1st Issuance: Upgraded to Baa3 from Ba1 (global
scale, local currency) and affirmed Aaa.br (national scale);

RATINGS RATIONALE

The ratings of the CRI are based mainly on the willingness and
ability of Suzano (as obligor) to honor the payments under the CCI,
as defined in transaction documents. Moody's views the 80th series
certificates as full pass-through securities of the underlying
CCI.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

Any changes in the rating of the underlying CCI will lead to a
change in the ratings on the CRI.

RATING METHODOLOGY:

The principal methodology used in these ratings was "Moody's
Approach to Rating Repackaged Securities" published in June 2020.

TUPY SA: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Tupy S.A.'s Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) at 'BB' and Long-Term
National Scale Rating at 'AA(bra)'. Fitch has also affirmed Tupy
Overseas S.A.'s USD375 million senior unsecured notes due 2031 and
guaranteed by Tupy at 'BB'. The Rating Outlook for the corporate
ratings is Stable.

The ratings reflect Tupy's strong market position in the production
of high-value-added cast iron structural components such as engine
blocks and cylinder heads; its long-term relationships with
original equipment manufacturers (OEMs); and the broad application
of its products in transportation, infrastructure and agricultural
machinery.

The analysis also considers the company's capacity to maintain
adequate operating margins during adverse economic environments,
due to its ability to rapidly adjust production and high proportion
of variable costs, as well as its conservative capital structure,
disciplined liquidity management and expected positive FCF.

The ratings are constrained by Tupy's relatively small scale and
moderate geographic diversification compared to other global auto
parts companies and by the highly cyclical and competitive
environment.

KEY RATING DRIVERS

Strengthened Business Profile: Fitch expects the acquisition of
Teksid SpA's iron casting business, which is pending approval, to
increase Tupy's scale, improve its business diversification and
further strengthen the company's important position as a
manufacturer of high-value-added cast iron structural components
globally. The company's components have a wide application in the
industry, including in light commercials, trucks, buses, and
agricultural and construction machinery.

Cyclical and Competitive Industry: Tupy is exposed to the highly
cyclical and competitive auto industry, which is influenced by
macroeconomic cycles, volatility in raw-material prices,
particularly scrap and steel, as well as by technological shifts,
fuel alternatives and stringent legislation on CO2 emissions. As
inherent to a Tier-1 supplier, Tupy's five largest customers
account for 75% of sales and contracts have no minimum volumes, in
spite of their long-term nature. Positively, Tupy supplies a
variety of structural components to each customer in different
countries, making shifting cost considerably high. Capital
intensity is high in the industry, which results in high barriers
to entry.

Manageable Pressure On Margins: Fitch forecasts an EBITDA of BRL964
million for Tupy in 2021, yielding a 13.4% margin, considering six
months of Teksid on the results. This is based on 22% growth in
sales volume from Tupy and 180,000 tons from Teksid. A faster than
expected recovery in the U.S. markets, combined with stimulus
packages from large economies to boost spending post-pandemic, and
a depreciated BRL, support the view of a fast recovery.

Tupy should pass through raw material price hikes to its customer
during the year. For 2022, with Teksid's results during the entire
year, EBITDA should be around BRL1.2 billion with 12.6% margin.
Fitch forecasts positive FCF over the next three years, aided by
robust cash flow from operations of BRL500 million in 2021 and
BRL780 million in 2022.

Conservative Capital Structure: Tupy should preserve a conservative
capital structure during the rating horizon, consistent with
company's financial policies. Fitch forecasts net debt/EBITDA at
2.2x in 2021 (1.9x on a proforma basis, considering 12 months of
EBITDA from Teksid), returning to more conservative levels of 1.6x
in 2022. The base case scenario anticipates most synergy captured
from 2023 on, mainly in gains of scale, procurement and
efficiencies by shifting production amongst operating facilities.
In 2020, Tupy was able to manage its gross leverage and net
leverage at 4.0x and 1.4x, respectively, despite the pandemic.

Threats From Electric Vehicles: Fitch believes risks associated
with the demand for lowering CO2 emissions globally are manageable
for Tupy. About 93% of Tupy's transportation, infrastructure and
agriculture division are associated with commercial vehicles,
including heavy commercial and heavy machinery, which demand power,
resistance and autonomy. In Fitch's view, electric powertrains that
run on batteries are less suitable for such vehicles. The potential
for more stringent environmental policies in large economies could
disrupt market share dynamics over time, but near-term credit
implications for legacy auto suppliers should be limited.

Mexican Country Ceiling Applied: In line with Fitch's
"Non-Financial Corporates Exceeding the Country Ceiling Rating
Criteria," Tupy's Foreign Currency IDR is not constrained by
Brazil's 'BB' Country Ceiling, given the company's operating cash
flows from assets in Mexico and from maintaining cash in hard
currency, enough to comfortably cover hard currency debt
obligations. Tupy's Foreign Currency IDR would be capped by
Mexico's 'BBB+' Country Ceiling.

DERIVATION SUMMARY

The ratings of auto parts companies are usually constrained by the
sector's volatility, capital and labor intensity, and natural
client concentration. Metalsa, S.A. de C.V. (BBB-/Stable) and
Nemak, S.A.B. de C.V. (BBB-/Negative) are rated at investment grade
due to their conservative capital structures, larger scale and
wider geographic diversification. Tupy's low leverage and strong
liquidity compares well with its peers. However, the 'BB' rating
reflects its small scale and moderate diversification, as well as
high exposure to OEMs.

Tupy is rated one notch below Dana Incorporated (DAN: BB+/Negative)
due to DAN' scale and market presence as a leading global supplier
of driveline components for light, commercial and off-road
vehicles. DAN's leverage, however, is higher than Tupy, at -3.0x
expected for 2021 over Tupy's 1.9x pro forma. Lower-rated peers
include Meritor, Inc. (BB-/Stable) and Tenneco Inc. (B+/Stable).
Meritor's rating reflects the anticipated extreme cyclicality of
the global commercial truck and off-highway vehicle markets and
intense competition in the commercial driveline sector. Tenneco's
rating incorporates its more leveraged capital structure, which has
been magnified by the pandemic.

KEY ASSUMPTIONS

-- EUR210 million acquisition of Teksid with six months
    consolidation in 2021;

-- Foreign market volumes increasing 20% following a faster than
    expected recovery in the U.S., and growing by Fitch's weighted
    average U.S. and Europe GDP forecasts in the following years;

-- Domestic volumes rebounding 25% in 2021, in line with market
    forecast, and growing according to Fitch's projected GDP in
    the following years;

-- 2021 average prices 2.5% higher than 2020 reflecting raw
    material price increases pass through;

-- Investments of BRL1.3 billion in 2021-2023 period, including
    on Teksid's operations;

-- Dividend pay-out ratio of 25% in 2021 and 2022.

RATING SENSITIVITIES

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

-- Further expansion of Tupy's geographic footprint while
    materially improving FCF;

-- FFO leverage below 2.5x;

-- Total Debt/EBITDA sustained below 3.0x;

-- Net Debt/EBITDA consistently below 2.0x;

-- Maintenance of robust liquidity.

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

-- A severe decline in U.S. pickup and truck production that
    leads to sustained reduced demand for Tupy's products;

-- FFO leverage above 3.5x for a prolonged period;

-- Total Debt/EBITDA sustained above 4.0x;

-- Net Debt/EBITDA above 3.0x on a recurring basis;

-- Significantly negative FCF, eroding the company's liquidity.

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

Strong Liquidity: Fitch expects Tupy to maintain strong liquidity
during the rating horizon as part of its conservative financial
policy. In December 2020, cash and marketable securities were
BRL1.4 billion in comparison to short-term debt of BRL400 million.
Short-term debt consists of borrowings with local banks during the
most acute stage of the pandemic and should be amortized in 2021.
Positively, Tupy has recently exchanged its USD350 million senior
unsecured bond due 2024 to a USD375 million senior unsecured due in
2031, while significantly reducing debt service. Tupy expects to
finance the Teksid transaction though a USD210 million standby
committed bridge loan. Upon the transaction's closing, Tupy will
have 12 months to replace the loan with long-term funding.

SUMMARY OF FINANCIAL ADJUSTMENTS

-- Net balance of derivatives was added to debt;

-- Extraordinary item were excluded from EBITDA.

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.



===============
C O L O M B I A
===============

COLOMBIA TELECOMUNICACIONES: S&P Cuts ICR to 'BB', Outlook Neg.
---------------------------------------------------------------
On March 24, 2021, S&P Global Ratings lowered its issuer credit
rating on Colombian telecommunication service provider Colombia
Telecomunicaciones S.A. E.S.P (Coltel) to 'BB' from 'BB+' and did
the same on the issue-level rating on its $500 million senior
unsecured notes due 2030.

S&P said, "The negative outlook on Coltel reflects our expectations
of lower likelihood of support from its parent, Telefonica S.A.,
given its divestment plans for the Latin American subsidiaries.

"We base the downgrade of Coltel on our assumption that leverage
metrics (debt to EBITDA) for the next two years will remain above
3.0x (versus the 2.9x expected for 2021 and 2.5x for 2022). Our
expectations included our view that the pandemic wouldn't hit the
telecommunications industry hard because during the lockdowns, we
predicted higher demand for telecom services by consumers and
corporate businesses." However, Colombia has continued to have high
competition among the main telecom service providers, causing a
continuous price war in which Coltel was forced to keep decreasing
average revenue per user (ARPU) in 2020 in order to maintain low
churn rates. In addition, the company reported a decline in mobile
equipment sales amid the economic crisis suffered by most economies
worldwide.

S&P said, "The refinancing of its hybrid bond in 2020 also affected
Coltel's leverage metrics. During the first quarter of 2020, Coltel
redeemed its hybrid bond, on which we applied a 50.0% haircut to
the value given its intermediate equity content. The company issued
a $500 million senior unsecured bond maturing in 2030 and signed a
$320 million syndicated loan due 2025 to replace the hybrid bond,
causing an increase in leverage metrics (which we had already
expected in our previous review and was our main reason for
revising the outlook to negative)."

For the past couple of years, Coltel has been lowering its prices
to remain competitive with the rest of its peers in the telecom
market. Coltel reduced its postpaid mobile service ARPU by about
10.2% and its business-to-business (B2B) about 3.9% at year-end
2020. Even though the company managed to increase its customer base
in both segments, this growth failed to offset the decline in
prepaid service revenues and mobile equipment sales, leading
revenue from mobile services to decline 1.4%.

The pandemic had the opposite effect on Coltel's fixed services. As
of Dec. 31, 2020, the company reported 7.1% higher fixed service
revenues driven by increases in serviced households and
enterprises. This was mainly due to the company's accelerated
rollout of fiber optic throughout the cities of Bogota, Cali, and
Medellin, and the necessity for telecom services during lockdowns.

S&P said, "We expect the company to keep steadily growing revenue
in its mobile and fixed business units; however, EBITDA generation
will still be lower than previously expected. We believe that the
company will continue its competitive pricing strategy to maintain
its market position, seeking to increase its customer base through
mobile telephony services, B2B and B2C services, and through
resuming growth in mobile equipment sales, which the pandemic hurt
most. We see potential risks from the entry of a new competitor in
Colombia, Wom S.A. (Wom, B+/Stable/--), which we expect to occur
this year and which could pressure Coltel's customer retention even
more.

"As of the date of this report, we do not have additional
information regarding Telefonica's (BBB-/Stable/A-3) potential
divestment in Coltel after announcing its plans to spin off its
subsidiaries in Latin America (excluding Brazil) in 2019. We
consider that this potential divestment in Latin America will serve
to reduce Telefonica's leverage (please see: "Spanish Telecom
Operator Telefonica Downgraded To 'BBB-/A-3' On Weaker Leverage
Prospects; Outlook Stable," Nov. 20, 2020). Given that Coltel's
future as part of the Telefonica group is still uncertain, if its
long-term relevance to its parent diminishes, we could reassess our
view of the company as a moderately strategic subsidiary and remove
the one-notch uplift on the rating."




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

DOMINICAN REPUBLIC: All Fuel Prices Freeze for 4th Week in a Row
----------------------------------------------------------------
Dominican Today reports that the Ministry of Industry, Commerce,
and Mipymes (MICM) informed that all fuel prices would remain
unchanged for the week of March 27 to April 2, which means that the
Government will absorb a debt of RD$ 111.3 million to avoid
transferring to citizens the price increases in LPG, gasoline and
other hydrocarbons.

Although it has had to assume a much lower increase than in
previous weeks, consistently exceeding RD$ 300 million, "there is
still an uncertain outlook and a tendency to increase, taking into
consideration the first three months of the year, since in December
it was at US$ 47 per barrel; in January it rose to US$ 52, and in
February to US$ 59. Now in March, the average price reaches US$ 63
per barrel," according to Dominican Today.

The determination to maintain the prices, under Decree 625-11,
allows not to pass on the increase in LPG of RD$ 5.25; regular
gasoline of RD$ 11.06; premium gasoline of RD$ 8.69; and Regular
Gasoil of RD$ 0.89, among other assumed values that the market
imposed a rise in the price of gas, the report notes.

The ministry also informed that oil has slowed down its upward
trend, reflected in an average of US$ 60 per barrel, the report
relays.  In contrast, the previous week, it had averaged a cost of
US$ 65 per barrel, within the framework of the recovery of
production of the refineries affected by the ice storm in Texas,
which contributed to lower the international prices of fuels, the
report discloses.

However, OPEC has decided to maintain the cuts for April, with an
immediate impact due to the blockage of the Suez Canal by a
stranded ship, the report says.

The Ministry indicated that the global outlook "remains not
encouraging," the report notes

"In general terms, concerning previous months, it has been a
positive week, with a downward trend, evidenced in that to maintain
the exact prices of two weeks ago, the Government will have to
assume about 111.3 million," the report relays.

He maintained that although these were days of greater tranquility
for the market, "it is not the time to think that there will be a
certainty, since the countries of Europe and the United States,
mobility restrictions and production cuts are still latent, waiting
for the vaccine to immunize the population and for us to return to
economic normality sometime in 2021," he concluded, 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: Climate Change Could be Hobbling Cocoa
----------------------------------------------------------
Dominican Today reports that the Dominican Republic exports about
80,000 tons of cocoa each year and generates more than 300,000
direct and indirect jobs, according to the commercial manager of
the National Dominican Cocoa Farmers Confederation (Conacado).

Abel Fernández said there are 42,750 cocoa producers in the
country, but unfortunately in recent years productivity has been
stagnant in the cocoa sector of the Dominican Republic, according
to Dominican Today.

"We are not sure if that (low productivity) has to do with climate
change because we know that many efforts have been made in
promotion, in the implementation of new farms, rehabilitation of
cocoa plantations, renovation, and so on. However, we do not see it
in terms of export volumes," the official said, the report relays.

                     About Dominican Republic

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

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

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

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

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

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

DOMINICAN REPUBLIC: US$2.3BB Injection Averted Poverty
------------------------------------------------------
Dominican Today reports that the Dominican State has allocated
RD$133.1 billion (US$2.3 billion) to mitigate the impact of a
pandemic that took the world by surprise.

A year ago, the government announced the creation of two grants:
the Employee Solidarity Assistance Fund (FASE) and Stay at Home,
according to Dominican Today.

The trend in government aid was regional, and for the Dominican
Republic the application of these subsidies reduced the impact of
COVID-19 in the worst months of the pandemic, between March and
May, when the economy was at a virtual halt, the report notes.

The authorities affirm that those social programs saved thousands
from unemployment and poverty, the report discloses.

Economy Minister Miguel Ceara Hatton said that emergency subsidy
programs prevented 752,395 people from falling into poverty, the
report adds.

                     About Dominican Republic

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

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

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

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

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

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



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M E X I C O
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BANCO COMPARTAMOS: Fitch Affirms 'BB+' LT IDRs, Outlook Negative
----------------------------------------------------------------
Fitch Ratings has affirmed Banco Compartamos S.A. Institucion de
Banca Multiple's (Compartamos) Viability Rating (VR) at 'bb+',
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'BB+'; Short-Term Foreign and Local Currency IDRs at 'B', and
the National Long-Term and Short-Term ratings at 'AA(mex)' and
'F1+(mex)', respectively and the senior unsecured debt rated in the
national scale was affirmed at 'AA(mex)'. Fitch has also affirmed
Compartamos' Support Rating (SR) and Support Rating Floor (SRF) at
'5' and 'NF', respectively. The rating Outlook is Negative.

KEY RATING DRIVERS

Compartamos' VR-driven IDR reflects the high importance the
operating environment, assessed by Fitch at 'bb+' with a negative
trend, and the bank's deteriorated asset quality metrics. The
bank's leading franchise and long track record in the microfinance
segment is also a highly important factor. Compartamos' ratings
also considers the highly profitable business, which was hit
sharply by the effects of the pandemic in 2020, and its good
funding and liquidity profile. Compartamos' strong and sustained
capitalization is a rating strength and absorbed losses during the
current economic stress.

The Negative Outlook is aligned with the operating environment
trend and reflects Fitch's view that the impact of the coronavirus
pandemic will continue to pressure Compartamos' performance and
prospects, particularly if partial lockdowns from rising infection
rates or slower-than-expected vaccination programs continue to
negatively affect its clients' microbusinesses.

In Fitch's view, the bank's high exposure to low-income segments
through microcredits under group and individual methodology results
in earnings concentration to one single economic niche. In the
agency's opinion, microfinance business models are vulnerable to
operating environment stress as evidenced in 2020. The disruptions
to business activity caused by temporary lockdowns negatively
impacted the sector, which is heavily reliant on person-to-person
contact. For Compartamos, the latter resulted in a 18.2% y-o-y
reduction in the number of clients and a 12.7% y-o-y contraction of
the loan portfolio. Despite the decrease in size, the entity
continues to be the niche leader in a market that is consolidating
due to the challenges faced by the smallest lenders.

Compartamos took several measures to weather the impact of the
coronavirus pandemic, including raising digital contact among
promotors and group members, increasing liquidity levels and
offering deferral programs to clients. The 10-week deferral program
opened to all of its clients, in which 65% of the loan book
participated, was followed by loan restructuring (payment program)
and a gradual recovery in loan origination over the last quarter of
2020. The bank limited loan origination for several months by
reducing the ticket size of its loans in an effort to be cautious
and contain asset quality deterioration.

Asset quality deterioration reflects the impact of the contingency
on the low income and self-employed population. Delinquency rates
were severely affected by the crisis. As of December 2020, impaired
loans increased to 5.4% and charge-off reached a high 18.8%, the
latter reflecting the bank's decision to perform charge-offs in
advance, a practice consistent with the additional loan loss
provisions charged in 2020. As of December 2020, relief programs
had ended and less than 8% of the bank loan book had been granted
before the beginning of the pandemic (April 2020) and was still
under the payment program. In Fitch's view, the economic prospects
for the bank's key segments and its ability to adapt underwriting
standards and risk controls to the prevailing economic conditions
if mobility continues to be partially restricted will continue to
be relevant to the bank's asset quality recovery.

The bank's profitability in 2020 shows the impact of the
coronavirus pandemic. Higher loan loss provisions, lower
collections and loan book contraction contributed to operating and
net losses last year. As of December 2020, operating losses to RWAs
reached -7%, a drastic decrease from the operating profits of 9.2%
in 2019. For the fourth quarter, the bank had recovered net profits
as forbearance programs expired and loan growth resumed. The
agency's projections, although sensitive to higher-than-expected
asset quality deterioration, point to some recovery in
profitability. In the agency's view, the bank's main challenge will
be recovering to pre-pandemic levels given Fitch's expectations for
continued operating environment stress.

In Fitch's view, Compartamos' sound capital position and ample
funding will be sufficient to finance the recovery. Its high
capital metric is a core strength of its financial profile. At
31.44% the bank's CET1 ratio stands out among local peers; however,
Fitch believes capital should be strong due to the intrinsic risks
of the business model.

In turn, its funding profile benefits from long-term relationships
with local funding providers and a regular presence in local debt
markets with senior unsecured issuances (34% of total funding as of
YE20). In Fitch's view, according to the non-bank financial
institutions criteria (NBFI), Compartamos' wholesale funding
structure is strong and flexible compared with rated NBFIs because
all of its funding sources are unsecured.

The bank' s liquidity is strong and reflects a highly revolving
portfolio (average maturity of four months) that provides the bank
the capacity to reprice rapidly. Over 2020, Compartamos maintained
higher liquidity to mitigate liquidity risk from lower collections
and market volatility. The agency expects excess liquidity to
decrease gradually as the bank resumes loan origination and
liquidity pressures from lower collections ease.

SUPPORT RATING AND SUPPORT RATING FLOOR

The bank's SR and SRF reflect its marginal systemic importance when
measured by its market share of core customer deposits. Fitch
considers that sovereign support for the bank in case of need,
although possible, cannot be relied upon.

RATING SENSITIVITIES

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

-- Compartamos' LT IDR and VR could be downgraded due to a
    deterioration in Fitch's assessment of the operating
    environment.

-- The ratings could be downgraded by a material deterioration in
    asset quality and profitability that pressures the bank's CET1
    capital metric below 25%.

-- Increased liquidity risks or reduced access to funding
    dependent on market sentiment, depositors and investors could
    also trigger a downgrade.

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

-- Upside potential for the bank's VR, IDRs and National Ratings
    in the medium term is limited.

-- The ratings could be upgraded if the bank increases its
    operations in a relevant and orderly manner and achieves
    business diversification, which could alleviate particular
    risks of a concentrated business volume.

-- Ratings could be affirmed and the Outlook revised to Stable if
    the operating environment stabilizes and economic prospects
    improve.

SR AND SRF

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

-- Fitch does not anticipate any upside potential in the
    foreseeable future.

-- Over the medium or long term, these could be revised upward if
    there are material gains in terms of systemic importance.

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

-- Because these are the lowest levels in the respective scale,
    there is no downside potential for these ratings.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond 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.

SUMMARY OF FINANCIAL ADJUSTMENTS

Other assets like prepaid expenses and guarantee deposits were
classified as intangibles, as Fitch believes these have a low
loss-absorption capacity.

ESG CONSIDERATIONS

Banco Compartamos, S.A., Institucion de Banca Multiple: Customer
Welfare - Fair Messaging, Privacy & Data Security: 4, Exposure to
Social Impacts: 4, Human Rights, Community Relations, Access &
Affordability: 4, Management Strategy: 4

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.

Compartamos has an ESG Relevance Score of 4 for Human Rights,
Community Relations, Access & Affordability due to the bank's focus
on the supply of services for underbanked and underserved
communities. The latter has a positive impact on the credit profile
and is relevant to the ratings in conjunction with other factors.

Compartamos has an ESG Relevance Score of 4 for Customer Welfare -
Fair Messaging, Privacy & Data Security due to the high lending
rates offered to unbanked, lower-income segments of the population,
which expose the bank to relatively higher regulatory, legal and
reputational risks. The latter has a negative impact on the credit
profile and is relevant to the ratings in conjunction with other
factors

Compartamos has an ESG Relevance Score of 4 for Exposure to Social
Impacts driven by its focus on microfinance lending and unbanked
segments that makes the bank´s profile and performance vulnerable
to shifts in social or consumer preferences, and also to political
or social programs. The latter has a negative impact of the credit
profile and is relevant to the ratings in conjunction with other
factors.

Compartamos has an ESG Relevance Score of 4 for Management and
Strategy because execution lacked consistency with stated strategic
objectives in the past. The latter has a negative impact on the
credit profile and is relevant to the ratings in conjunction with
other factors.

OPERADORA DE SERVICIOS: Moody's Rates $150M Upsized Notes 'Ba2'
---------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 long-term global
foreign currency senior unsecured debt rating to Operadora de
Servicios Mega, S.A. de C.V., SOFOM, E.R.'s (Mega) proposed further
issuance of its cross-border 144A/Reg S notes (the "Original
Notes").

The principal amount of the Original Notes is $350 million, and the
principal amount of the further issuance will be up to $150
million. The Original Notes were issued on February 11, 2020 with
an 8.25% coupon and will mature February 11, 2025. This expansion
will form a single series with and have the same terms as those of
the Original Notes.

The following ratings were assigned to Operadora de Servicios Mega,
S.A. de C.V., SOFOM, E.R.'s proposed further issuance of
cross-border 144A/Reg S fixed-rate notes of up to $150 million:

Long-term global foreign currency senior unsecured debt rating of
Ba2

RATINGS RATIONALE

The Ba2 debt rating incorporates Mega's good asset quality and high
profitability, as well as its adequate capitalization and ample
loan loss reserves. These credit strengths are balanced by Mega's
concentrated and predominantly confidence-sensitive wholesale
funding profile, as well as low liquidity, which are
characteristics of non-bank finance companies.

Mega's business strategy is focused on lease financing of
high-value products and careful selection of suppliers within
defined exporting value chains. This strategy ensures consistent
asset quality and limited write-offs, despite the risks derived
from the company's focus on high-risk micro and small and medium
sized enterprises (MSMEs), its rapid loan growth and the sharp
contraction of the Mexican economy caused by the coronavirus
pandemic. Mega's outsized concentration in the agricultural sector
and large single-borrower exposures also pose credit risks.

Profitability benefits from ample interest and non-interest income,
and low credit costs derived from the company's good asset quality.
In 2020, Mega's return on average assets declined as business
volumes slowed and provisions increased moderately, but it has
remained stronger than its historic performance for the period
2016-18.

Mega's capitalization incorporates solid earnings generation and
retention, and together with ample loan loss reserves and the
recently announced MXN170 million ($8 million) capital injection,
it offers adequate protection to creditors. The capital injection
will add 100 basis points to Mega's tangible common equity (TCE) as
a percentage of tangible managed assets (TMA) of 12.5% as of
December 2020.

Mega's funding profile will remain predominantly wholesale and
therefore more volatile than that of commercial banks, despite the
company's continued efforts to diversify its funding sources. The
upsizing of the issuance will further lengthen liability
maturities.

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

Lower single-borrower concentration and moderate loan growth levels
that support stable profitability and capitalization could exert
upward pressure on Mega's ratings, notwithstanding the reliance on
confidence-sensitive wholesale funding.

Conversely, Mega's ratings could come under downward pressure if
its capitalization were to fall materially, in line with a material
deterioration of asset quality and profitability.

The principal methodology used in this rating was Finance Companies
Methodology published in November 2019.



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P A N A M A
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BANCO LA HIPOTECARIA: Fitch Affirms 'BB+' LT IDR, Outlook Negative
------------------------------------------------------------------
Fitch Ratings has affirmed Banco La Hipotecaria, S.A.'s (BLH)
Long-Term Issuer Default Rating (IDR) at 'BB+' with a Negative
Rating Outlook and its Viability Rating (VR) at 'bb-'. Fitch has
also affirmed the bank's National Long-Term Rating at 'AA(pan)'
with a Negative Rating Outlook.

KEY RATING DRIVERS

IDRs, NATIONAL RATINGS, SUPPORT RATING AND SENIOR DEBT

BLH's IDRs, Support Ratings (SR), national and senior (secured and
unsecured) debt ratings reflect Fitch Ratings' opinion on the
ability and willingness of its ultimate parent, Grupo ASSA
(BBB-/Negative), to provide support to BLH if required. Grupo ASSA
is a regional financial conglomerate that mainly operates in the
insurance and banking services. The Negative Outlook on BLH mirrors
that on Grupo ASSA that, in turn, is driven by Fitch's view that
the economic fallout from the coronavirus pandemic represents a
risk to the operating environments where the group operates.

BLH's Long-Term IDR is notched down once from Grupo ASSA's
Long-Term IDR. This reflects Fitch's view that BHL's activities in
Panama are strategically important for the group. Fitch's opinion
on support is highly influenced by the relevant role that BLH plays
on its parent's regional strategy. As part of Grupo ASSA, this
subsidiary operates in the same jurisdiction of the parent, and
provides complementary products in other market segments (than
insurance) for the group. Also, BLH counts on guarantees for its
funding instruments from Grupo ASSA, which further demonstrates the
group's commitment to its subsidiaries' performance.

Moreover, Fitch considers the reputational risk for Grupo ASSA to
be an influential factor and that a default by one of its
subsidiaries could be significant.

Fitch also affirmed BLH's Support Rating (SR) at '3', reflecting
the opinion that there is moderate probability of support from
Grupo ASSA, if required, given that the bank has a strategic role
for the group's business.

National ratings on BLH's senior unsecured issuances are aligned
with the issuer's national ratings. The tranches for the short-term
and long-term notes have the same short-term and long-term ratings
of the issuer, respectively. This is due to the absence of any
subordination or specific guarantees and to the fact that,
according to Fitch`s criteria, these notes have the same credit
risk of the issuer. Meanwhile, national ratings for secured
tranches as well as the secured negotiable notes are rated one
notch above the bank's long-term national ratings, reflecting the
benefits of such guarantees.

VR

BLH's VR reflects, with high importance, the bank's limited
franchise in the local market, with a niche approach, focusing
mainly on the mortgage market. Even though the bank is an important
player within this market segment, its market share was low at 2.5%
by the end of 2020, below its main competitors. The entity operates
with a small service network in the country. Nevertheless, Fitch
believes BLH has some competitive advantages in its key segment
given the benefits from its relationship with Grupo ASSA.

The bank's VR is also highly influenced by its profitability. Fitch
expects BLH's profitability in 2021 to be supported by wider income
streams although it will remain under pressure over the rating
horizon as asset quality could deteriorate given the pandemic,
which may require further reserves expenses, in line with most
domestic local banks. Loan impairment charges (LICs) increased
substantially in 2020; as of Dec 2020, these represented 54% of
pre-impairment operating profits (four-year average: 13%). As a
result, BLH's operating profit to RWAs ratio decreased to 0.6% in
2020 (2019: 1.0%) and Fitch doesn't expect this trend to change,
especially due to the negative economic outlook in Panama.

Fitch expects that BLH's funding profile, which also highly
influences BLH's ratings, will remain generally stable, supported
by its good liquidity position. The entity's funding structure is
adequate and well diversified; the bank has adequate access to
international funding and to international markets. Its growing
liquidity levels reduce refinancing risk. The predictability of its
debt obligations deadlines allows the bank to mitigate any
refinancing risk through a precise schedule of its payment
obligations.

In Fitch's opinion, BLH's asset quality is reasonable for its
ratings, although the impaired loans to gross loans metric has
sustained an increasing trend, favorably below industry's average,
reaching 1.5% as of December 2020 (2019: 0.9%), while the system
registered 2.0%. Fitch expects NPL ratio to be maintained at a
similar level to 2020. However, the Negative Outlook reflects the
risk of the economy deteriorating beyond Fitch's base case and loan
impairments exceeding the agency's expectations.

BLH's CET1 ratio of 11.7% as of December 2020, provides solid
buffers above regulatory requirements, although the ratio has shown
a slight decrease due to a lower Internal capital generation during
the year (2019: 12.25%). Capital levels have benefitted from the
absence of dividend payouts, which is not expected to change in the
short to medium term.

RATING SENSITIVITIES

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

-- Changes in Banco La Hipotecaria's IDR, National Ratings, and
    senior (secured and unsecured) issuances would reflect any
    changes in its shareholder's credit risk profile or changes on
    Fitch's assessment of its ability, or willingness, to provide
    support to its subsidiary, which the agency does not expect in
    the foreseeable future;

-- Negative pressure could be placed on BLH's VR if there were
    evidence of outsized deterioration in the bank's financial
    profile reflected in a material deterioration of its asset
    quality and a significant reduction of its profitability
    metrics relative to peers.

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

-- An upward potential in Banco La Hipotecaria's IDR, National
    Ratings, SR and senior (secured and unsecured) issuances is
    limited in the short term given the Negative Outlook on its
    shareholder's ratings;

-- The senior (secured & unsecured) issuances' ratings and the
    issuer's IDR and National Ratings could be affirmed (and the
    Negative Outlook revised to Stable) to reflect a change in its
    shareholder's IDR Outlook or changes to Fitch's assessment of
    the parent's ability or willingness to provide support.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond 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.

SUMMARY OF FINANCIAL ADJUSTMENTS

Intangibles and other deferred assets were deducted from the Fitch
Core Capital.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The ratings of BLH are linked to its parent company Grupo ASSA.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.



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EL BUCANERO: Seeks Court Approval to Hire Accountant
----------------------------------------------------
El Bucanero Catering, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ Jose Velez Diaz, an
accountant practicing in Barranquitas, P.R.

Mr. Diaz's services include the preparation of monthly operating
reports, financial consulting services, accounting analysis, and
general accounting services.

The accountant will be paid at the rate of $95 per hour and will be
reimbursed for out-of-pocket expenses incurred.

Mr. Diaz disclosed in a court filing that he is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

Mr. Diaz can be reached at:

     Jose A. Velez Diaz
     3 Barcelo Street Suite 103
     Barranquitas, PR 00794
     Tel: (787) 632-7861

                    About El Bucanero Catering

El Bucanero Catering, Inc. sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 21-00484)
on Feb. 18, 2021.  At the time of the filing, the Debtor disclosed
assets of between $100,001 and $500,000 and liabilities of the same
range.

The Debtor tapped The Law Offices of Landrau Rivera & Assoc. as its
legal counsel and Jose A. Velez Diaz as its accountant.

LIBERTY COMMUNICATIONS: Moody's Affirms B1 CFR on Debt Repayment
----------------------------------------------------------------
Moody's Investors Service affirmed Liberty Communications PR
Holding LP's ratings, including its corporate family rating,
guaranteed debt and probability of default ratings at B1 and B1-PD,
respectively. Concurrently, Moody's assigned a B1 rating to the
company's proposed $500 million senior secured term loan and $820
million in senior secured notes. The ratings outlook is stable.

Proceeds from the proposed transaction will be used to repay the
company's existing $1 billion secured term loan rated B1, upstream
$250 million to shareholders and other general corporate purposes.
The rating on LCPR Loan Financing LLC's existing term loan will be
withdrawn following repayment with part of the proceeds from the
proposed issuance.

Similar to the outstanding debt instruments, the proposed $500
million senior secured term loan and $820 million in senior secured
notes will be issued by trust-owned special-purpose entities, LCPR
Loan Financing LLC and LCPR Senior Secured Financing DAC. Debt
proceeds will be on-lent to entities within Liberty PR through
proceeds loans. The combined group's financial debt will
essentially comprise the proceeds loans and the B1 ratings on the
proposed senior secured term loan and senior secured notes
considers the proceeds loan structure with all proceeds loans
benefiting from the same guarantors and sharing the same collateral
within the Liberty PR group. Collateral will include share pledges
as well as substantially all assets of guaranteeing entities
Liberty Communications of Puerto Rico LLC, LLA Holdco LLC, Liberty
Mobile Inc., Liberty Mobile Puerto Rico Inc. and Liberty Mobile
USVI Inc.

The ratings of the new debt assume 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 and term
loan will rank pari passu with all other senior secured and
unsubordinated debt obligations of Liberty PR.

Affirmations:

Issuer: LCPR Loan Financing LLC

Senior Secured Bank Credit Facility, Affirmed B1 (LGD3)

Issuer: LCPR Senior Secured Financing DAC

Senior Secured Regular Bond/Debenture, Affirmed B1 (LGD3)

Issuer: Liberty Communications PR Holding LP

Probability of Default Rating, Affirmed B1-PD

Corporate Family Rating, Affirmed B1

Assignments:

Issuer: LCPR Loan Financing LLC

GTD Senior Secured Bank Credit Facility, Assigned B1 (LGD3)

Issuer: LCPR Senior Secured Financing DAC

GTD Senior Secured Regular Bond/Debenture, Assigned B1 (LGD3)

Outlook Actions:

Issuer: LCPR Loan Financing LLC

Outlook, Remains Stable

Issuer: LCPR Senior Secured Financing DAC

Outlook, Remains Stable

Issuer: Liberty Communications PR Holding LP

Outlook, Remains Stable

RATINGS RATIONALE

Liberty PR B1 CFR factors the combined group's increased scale and
leading wireless and fixed market positions in Puerto Rico,
following the recent acquisition of AT&T Inc.'s (Baa2 stable)
operations in Puerto Rico and the US Virgin Islands; its offering
of a full suite of services; the quality of its networks and mobile
spectrum holdings; as well as its positive free cash flow (FCF)
generation.

The B1 CFR also reflects the group's concentration in two small
markets, Puerto Rico and the US Virgin Islands, which have weak
economies and are exposed to adverse weather events; the
integration risks related to the business combination; a highly
competitive telecom market in Puerto Rico; and the lack of track
record of the combined entity.

Pro forma for the proposed debt issuance, the company's leverage
(adjusted debt/EBITDA, including Moody's adjustments) will be 5.3
times and declining to below 5 times in 2022, well above Moody's
medium-term original expectations of 4.3-4.5 times, which exerts
pressure on the rating. Considering LLA's financial policies and
the long-term non-amortizing nature of the debt, gross debt is
unlikely to materially decrease in the coming years. Therefore,
deleveraging will be gradual and primarily stem from an increase in
EBITDA coming from the integration of the business and expected
synergies. Should the company not reduce its leverage as per
Moody's expectations the ratings will be under negative pressure.

Moody's expects positive FCF generation which will support Liberty
PR credit profile, with expected 15%-16% of revenue in capital
investments. Liberty Latin America Ltd (LLA)'s policy to upstream
cash from its subsidiaries through parent distributions is
considered in the rating. LLA's liquidity management is
nevertheless conservative.

Liberty PR has good liquidity, generating positive free cash flow
and having access to a $167.5 million senior secured revolving
credit facility maturing in 2027 at the level of Liberty PR, which
will share the same guarantors and collateral as the term loan and
notes. The debt instruments contain two financial covenants, under
which Moody's expects the company to maintain comfortable headroom.
There will be no material debt maturities before 2027.

The stable outlook reflects Moody's expectation that, despite some
integration risks and initial integration costs, the combined group
will have credit metrics in line with the B1 rating within the next
12-18 months and maintain adequate liquidity.

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

Moody's could upgrade Liberty PR's ratings if its leverage declines
below 3.75x and its ratio of (EBITDA-capex)/interest expense
(including Moody's adjustments) increases above 2.5x on a
sustainable basis. An upgrade would also require geographic
diversification and the maintenance of positive free cash flow and
at least an adequate liquidity profile.

Moody's could downgrade Liberty PR's ratings if its leverage
remains above 4.75x without a clear path of deleveraging and its
ratio of (EBITDA-capex)/interest expense falls below 1.5x for a
prolonged period. A downgrade would also occur if liquidity weakens
or if the company's revenue base declines, resulting from a decline
in Puerto Rico's population or from additional economic or
competitive pressures.

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.

Liberty PR, is a holding company of the Liberty Puerto Rico group,
indirectly owned by LLA. Effective October 31, 2020, Liberty PR
consolidates the combined operations of Liberty Communications of
Puerto Rico LLC and AT&T in Puerto Rico and the US Virgin Islands.
The combined operations offer a full suite of wireless and fixed
services, and have leading market positions in wireless, fixed
broadband and pay TV in Puerto Rico, as well as in wireless in the
US Virgin Islands. As of December 31, 2020, Liberty PR's fixed
network passed 1,137,700 homes (representing around 85% of all
households in Puerto Rico) and 905,600 RGUs. On a pro forma basis,
the combined group has revenue of $1,361 million and 39.7% EBITDA
margin.



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

URUGUAY: Economy Contracts 5.9% in 2020, Battered by Pandemic
-------------------------------------------------------------
Rio Times Online reports that Uruguay's economy contracted 5.9% in
2020, the central bank said March 24, battered by the impact of the
global coronavirus crisis.

Fourth-quarter gross domestic product (GDP) tumbled 2.9%, the bank
said, due primarily to restrictions implemented by health officials
to contain the spread of the virus, according to Rio Times Online.

Uruguay, a small, relatively wealthy Latin American nation, fared
well compared to many of its harder-hit neighbors, but nonetheless
felt the impact of the virus throughout its economy, the data
showed.



=================
V E N E Z U E L A
=================

PETROLEOS DE VENEZUELA: Unit Declares Bankruptcy, Cites Sanctions
-----------------------------------------------------------------
Luc Cohen at Reuters reports that a unit of Venezuelan state oil
company Petroleos de Venezuela (PDVSA) on the Dutch Caribbean
island of Bonaire has declared bankruptcy, citing the impact of
U.S. sanctions on Venezuela, a court filing showed.

In a March 9 filing published last week by the Court of First
Instance of Bonaire, Sint Eustatius and Saba, PDVSA-owned Bonaire
Petroleum Corporation (BOPEC) said it could no longer pay its debts
because sanctions had cut off its "access to international trade,"
as well as cash held in bank accounts, according to Reuters.

The court granted BOPEC's request for a moratorium on creditor
payments in a filing that noted BOPEC said it was negotiating with
"a party that may make the necessary liquid assets available" to
allow the company to "satisfy its preferred creditors and offer a
settlement to its unsecured creditors," the report notes.

At its peak, BOPEC had the capacity to store some 10 million
barrels of oil and load large vessels from its deep water docks,
the report relays.  The company last year was ordered to remove
stored oil due to the risk of leaks from its tanks, the report
recalls.

The bankruptcy filing is the latest blow to PDVSA's key network of
refining and logistics assets in the Caribbean, the report
discloses.  The company is struggling to pay debts and maintain
basic operations in Venezuela amid U.S. sanctions aimed at ousting
President Nicolas Maduro, the report relays.  The sanctions have
added to the impact of years of low investment and mismanagement,
the report notes.

PDVSA's contract to operate Curacao's 335,000 barrel-per-day Isla
refinery and a neighboring storage terminal ended in December 2019,
and PDVSA unit Citgo Petroleum Corp -- now under the control of the
U.S.-backed opposition to Maduro -- last year transferred control
of Aruba's San Nicolas refinery to the island's government, the
report discloses.

Last year, Refineria de Korsou - which owns the Isla refinery - had
sought to seize BOPEC to collect on debts owed by PDVSA, the report
adds.



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

[*] BOND PRICING: For the Week March 22 to March 26, 2021
---------------------------------------------------------
Issuer Name              Cpn     Price   Maturity  Country  Curr
-----------              ---     -----   --------  -------   ---
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Provincia del Chubut A     4.5    2208    3/30/2021    AR     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Esval SA                   3.5    49.9    2/15/2026    CL     CLP
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
Argentina Bonar Bonds      5.8    75.2    4/18/2025    AR     USD
Argentine Republic Gov     4.3    70.0   12/31/2033    AR     JPY
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Empresa Electrica de l     2.5    63.8    5/15/2021    CL     CLP
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
Provincia de Buenos Ai     7.9    75.3    6/15/2027    AR     USD
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Cia Energetica de Pern     6.2     1.1    1/15/2022    BR     BRL
Enel Americas SA           5.8    32.7    6/15/2022    CL     CLP
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
Corp Universidad de Co     5.9    64.2   11/10/2021    CL     CLP
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Polarcus Ltd               5.6    71.8     7/1/2022    AE     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
KrisEnergy Ltd             4.0    40.4     6/9/2022    SG     SGD
Embotelladora Andina S     3.5    37.9    8/16/2020    CL     CLP
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
China Huiyuan Juice Gr     6.5    46.6    8/16/2020    CN     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Empresa de Transporte      4.3    30.9    7/15/2020    CL     CLP
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD


                           *********


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

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

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

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

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

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


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