/raid1/www/Hosts/bankrupt/TCRLA_Public/210331.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Wednesday, March 31, 2021, Vol. 22, No. 59

                           Headlines



A R G E N T I N A

ARGENTINA: Will Suspend Flights From Brazil, Chile, and Mexico
[*] ARGENTINA: Economy Shows Signs of Recovery at End of 2020


B R A Z I L

BANCO ORIGINAL: Fitch Affirms 'B-' LongTerm IDRs, Outlook Negative
BRAZIL LOAN TRUST I: Fitch Affirms BB-sf Rating on Sr. Sec. Notes


J A M A I C A

JAMAICA: Air Canada to Restore Service to Country in May


M E X I C O

GRUPO ELEKTRA: Fitch Cuts LongTerm IDRs to 'BB', Outlook Stable
NACIONAL FINANCIERA: Moody's Cuts Series A-2 Bonds to Caa2 (sf)


P E R U

CORPORACION AZUCARERA: Fitch Raises LongTerm IDRs to 'B+'


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Cuts Down Production After Explosion


X X X X X X X X

LATAM: Sees Possible 2nd Wave of New Strain COVID-19 Outbreak

                           - - - - -


=================
A R G E N T I N A
=================

ARGENTINA: Will Suspend Flights From Brazil, Chile, and Mexico
--------------------------------------------------------------
Rio Times Online reports that starting March 27, no passenger
flights will be allowed into Argentina from Brazil, Chile and
Mexico, in a move to curb the spread of the coronavirus pandemic,
particularly the Amazon or P1 strain and the British variant which
is also causing havoc in the country's health system.

This administrative decision signed by Cabinet Chief Santiago
Cafiero strengthens the restrictions effective since March 13,
according to Rio Times Online.  Under the new measure, Argentines
returning from abroad will have to pay for their PCR tests and
quarantine will have to be observed at a venue to be chosen, the
report notes.

                        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.

[*] ARGENTINA: Economy Shows Signs of Recovery at End of 2020
-------------------------------------------------------------
Natalia Kidd at EFE News reports that Argentina's gross domestic
product plunged 9.9 percent last year due to the nation's
coronavirus-triggered economic restrictions, although signs of
recovery were apparent in the fourth quarter.

The data released by the National Institute of Statistics and
Census (Indec) confirm that Argentina suffered its biggest one-year
drop in GDP since its 10.9 percent contraction in 2002, when the
country was battling its way out of a four-year economic
depression, according to EFE News.

According to Indec's report, the overall supply of goods and
services plummeted 11.5 percent due to a 9.9 drop in GDP and an
18.1 percent plunge in imports, the report discloses.

Overall demand, meanwhile, plunged 11.5 percent, with gross fixed
capital formation falling 13 percent and exports plunging 17.7
percent, the report relays.  Private and public consumption fell
13.1 percent and 4.7 percent, respectively, last year, the report
relates.

By sector, the data also reveal the dramatic effects of the
restrictions that were first imposed on March 20, 2020, to contain
the pandemic and started to be eased toward the middle of last
year, the report notes.

Among the country's biggest industries, construction plummeted 22.6
percent, manufacturing contracted by 7.7 percent, agriculture
shrank 6.9 percent and commerce fell 5.4 percent, the report says.

But other sectors that weigh less on overall GDP experienced an
even more pronounced collapse, with hotels and restaurants, for
example, suffering a 49.2 percent decline in 2020, the report
relays.

The report discloses that slight growth was only seen in financial
intermediation services, up 2.1 percent, and utility services,
which expanded by 0.9 percent.

One silver lining in the report was a continued trend toward
recovery in the fourth quarter, with GDP for that three-month
period rising 4.5 percent relative to the third quarter, the report
relays.

And although fourth-quarter GDP fell 4.3 percent compared to the
same period of 2019 (marking the 11th consecutive quarter without
year-over-year growth), that contraction compares favorably to the
second quarter of 2020, when the economy shrank a record 19
percent, the report notes.

Argentina has been in recession for three years, its GDP having
contracted 2.5 percent in 2018 and 2.2 percent in 2019, the report
relays.

But the economy is expected to recover in 2021, with the government
predicting 5.5 percent growth and private economists projecting an
expansion of 6.2 percent, the report discloses.

Economist Martin Calveira, a researcher at Austral University's IAE
Business School, said a "certain degree of recovery" is expected in
the first two quarters of 2021 and that projections are for average
inter-annual growth of 6.1 percent, the report says.

Nevertheless, "a worrying level of uncertainty" exists regarding
the availability of Covid-19 vaccines and the management of the
rollout process, the expert said, the report 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.



===========
B R A Z I L
===========

BANCO ORIGINAL: Fitch Affirms 'B-' LongTerm IDRs, Outlook Negative
------------------------------------------------------------------
Fitch Ratings affirmed Banco Original S.A.'s (Original) Viability
Rating (VR) at 'b-', its Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) at 'B-' and Long-Term National Rating
at 'BB+(bra)'. The ratings have been removed from Rating Watch
Negative (RWN) and a Negative Outlook was assigned on the Long-Term
Ratings.

KEY RATING DRIVERS

IDRS, VR AND NATIONAL RATINGS

The removal of Original´s ratings from RWN reflects Fitch's better
clarity on the bank's capitalization stance throughout 2021.
Fitch's assessment of capitalization assumes that the bank will
remain loss making in 2021 and that capitalization will continue
under pressure, but the management has presented an alternative
plan - encompassing successive capital injections - that should be
enough to keep regulatory capital ratios above the minimum
requirements.

However, the negative outlook on the ratings reflects medium-term
risks to the bank's financial profile exacerbated by the economic
fallout from the crisis. In particular, it reflects the
difficulties that the bank will have to overcome to achieve a
sustainable operational breakeven -- especially on its digital
banking unit, which negatively affects Original's profit generation
capabilities -- and Fitch's assessment of its company profile. In
addition, the negative outlook reflects the significant influence
that Original's growing exposure to unsecured lending has on
Fitch's asset quality expectations.

Original's ratings reflect its very weak core profitability and
capitalization levels well below peer institutions, including
moderate capital exposure to asset-quality shocks. Original's
overall financial profile, like that of other Brazilian banks, is
sensitive to Brazil's operating environment, which remains highly
volatile despite having improved from the past year. The ratings
also factor in an improving funding structure and adequate
liquidity position. Therefore, Original's capitalization, company
profile and earnings and profitability are factors that highly
influences its ratings.

Original´s IDRs are driven by its standalone creditworthiness as
expressed in its Viability Rating (VR) of 'b-'. Fitch does not
consider any expected parental support of its ultimate parent, J&F
Investimentos S.A (J&F), although Fitch recognizes that various
transactions between Original and its parent have been supportive
of the bank's profitability in previous years.

In Fitch's opinion, Original's capitalization is not commensurate
with risks and maintained with low buffers over minimum regulatory
requirements when comparing with its peers. At end-2020, its CET1
ratio was 10.1% (in line with end-June 2020) despite losses during
2H20 thanks to the continuity of recurring capital injections made
in PicPay Servicos S.A. (PicPay), a Brazilian fintech where
Original holds a minority stake but is fully consolidated for
regulatory purposes. However, in Fitch's view, standalone
capitalization is weaker because equity buffers held by PicPay are
not entirely fungible and are not deemed as loss absorbing in
Fitch's opinion, although the agency recognizes that the procedure
is aligned with regulator's requests. Fitch expects further
pressures in capital this year, which may be mitigated by capital
remediation initiatives.

The bank's business model essentially focuses on commercial banking
activities with domestic enterprises, but also a digital banking
unit that acts as a drag on consolidated earnings due high costs
associated with its digital expansion plans. Executing this plan
has become more challenging in the current operating environment
but the plan is important for defending the bank's capacity to
generate profits.

The bank reported substantial losses in 2020, mainly in the first
semester, due to a still high cost base, foreign-exchanged related
losses on derivatives -- that were used as hedge for its U.S.
dollar-denominated loan portfolio -- and higher loan impairment
charges (LICs) from coronavirus related LICs. Fitch's negative
outlook on the profitability factor reflects the downside risks (to
the bank base case assumption that profitability should start to
recover from 2H21 on) in case of persistent economic pressure or
failure to make its digital banking unit structurally profitable.

Original's asset quality ratio remains adequate but remain at risk
as most domestic enterprises should leave the pandemic crisis in a
more fragile position. However, Original´s wholesale portfolio
continues to present good overall asset quality metrics - despite
being moderately concentrated. The bank's growing exposure toward
unsecured consumer lending (20% of loans at end-2020) is also a
source of pressures, as it is particularly sensitive to interest
rate and economic cycles. At end-2020, the impaired loan ratio --
loans classified between D-H according to local regulation -- was
4.9%, relatively stable with end-2019's 4.8%, benefited by the
growth and renegotiations of part of its retail portfolio, while
the loan loss allowance coverage decreased to 64.5% from 78.1% a
year before.

Original funding structure has been stable since the last review.
Over the last years the bank has been benefiting from the ongoing
growth of its digital platform that at the end of 2020 corresponded
for 1/4 of the bank´s funding. The bank continues to report
adequate liquidity levels, which during 1H20 have been reinforced
with Central Bank's new funding lines (LFG and DPGEs). At 2020YE,
Original's liquid assets position was at sound BRL 3.7 billion,
from BRL 1.9 billion at 2019YE. The bank's loan portfolio is also
largely short-term, which has been key to reinforcing its liquidity
and reducing potential cash flow mismatches.

SUPPORT RATING AND SUPPORT RATING FLOOR

The bank's Support Rating and Support Rating Floor reflect Fitch's
belief that the bank is not considered a significant financial
institution locally because of the size of its market share in
deposits and credits. Thus, it is unlikely to receive external
support from the Brazilian sovereign.

Original´s has an ESG Relevance Score (ESG.RS) of '5' for
Governance Structure reflecting Fitch's concern regarding
governance structure, which continues to be a key driver for the
rating. Original relies on its consolidated capital adequacy ratio
to meet minimum regulatory requirements for capitalization.
Increased related-party transactions are, in Fitch's view, limiting
the view of the bank's own capitalization position, which has a
negative impact on the bank's credit profile and is a key driver
for the ratings. At the same time, Original's has an ESG.RS for
Group Structure at '4' due to intra-group dynamics that result in a
high level of related-party transactions, which adds to group
complexity and limits transparency. This has a moderately negative
impact on the credit profile, and is relevant to the ratings.

RATING SENSITIVITIES

IDRS, VR AND NATIONAL RATINGS

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

-- The Outlook could be revised to Stable if the operating
    environment in Brazil stabilizes and Original manage to
    replenish capital buffers to levels moderately above
    requirements coupled with significant improvements in
    operating profitability and a stabilization or contained
    deterioration of asset quality.

-- An upgrade is highly unlikely in the near future.

IDRS AND VR

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

-- Downward ratings pressure resulting in multiple notches of
    downgrades could arise if Original is not able to maintain
    regulatory capital ratios above minimum requirements, which
    would mean that management failed to execute its alternative
    plan to strengthen its capitalization or if large operating
    losses remain throughout 2H21.

-- A material weakening of asset-quality would also put pressure
    on the ratings.

NATIONAL RATINGS

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

-- CET 1 Ratio below 100 bps from Central Bank minimum
    capitalization requirement.

SUPPORT RATING AND SUPPORT RATING FLOOR

A potential upgrade of Original's Support Rating and Support Rating
Floor is unlikely in the foreseeable future, since this would arise
only from a material gain in systemic importance.

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.

ESG CONSIDERATIONS

Original's ESG.RS for Governance Structure of '5' reflect the
extent to which related-party transactions have limited the view of
the bank's own capitalization. This is a key rating driver and has
a highly negative impact on the rating. The bank's ESG.RS for Group
Structure of '4', also to reflect the high level of related-party
transactions in the group which reflects group complexity and
limited transparency. This has a moderately negative impact on the
rating.

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.

BRAZIL LOAN TRUST I: Fitch Affirms BB-sf Rating on Sr. Sec. Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed the senior secured pass-through notes
issued by Brazil Loan Trust I (the Issuer) at 'BB-sf' with a
Negative Outlook.

Brazil Loan Trust I

          DEBT                       RATING           PRIOR
          ----                       ------           -----
Senior Secured Pass Through    LT BB-sf  Affirmed     BB-sf
Notes 105859AA0

Senior Secured Pass Through    LT BB-sf  Affirmed     BB-sf
Notes Reg S USU0952YAA83

TRANSACTION SUMMARY

The transaction is a pass-through securitization of a 10-year
amortizing loan originated by Bank of America N.A. ('AA-'/Stable)
to the Brazilian State of Maranhão ('BB-'/Negative). The loan is
guaranteed on an unconditional and irrevocable basis by the
Federative Republic of Brazil ('BB-'/Negative).

Payments on the loan are made to a bank account of Wilmington Trust
N.A. (administrative agent; 'A'/Negative). On the next day, funds
are transferred to an Issuer account at the Bank of New York Mellon
(indenture trustee; 'AA'/Stable). Payments are made under the notes
immediately thereafter.

The notes' rating considers the timely payments of interest and
principal due to date. All semi-annual payments due through January
2021, with the exception of the July 2020 payment (made by Brazil
as guarantor in accordance with 30-day grace period), were made
directly by the State of Maranhão. The next interest and principal
payment date is July 23, 2021.

KEY RATING DRIVERS

Transaction Rating Linked to Sovereign IDR: The transaction
benefits from an unconditional an irrevocable guarantee from Brazil
as primary obligor on the underlying loan. Therefore, the rating of
senior secured pass-through notes is equivalent to Brazil's
Long-Term (LT) Foreign Currency (FC) Issuer Default Rating (IDR),
which was affirmed by Fitch on Nov. 18, 2020, at 'BB-' with a
Negative Outlook.

RATING SENSITIVITIES

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

-- As the transaction is on Outlook Negative, Fitch does not
    currently anticipate developments with a high likelihood of
    triggering an upgrade. Nevertheless, the senior secured pass
    through notes' ratings are linked to the LT FC IDR of Brazil;
    hence, an upgrade of Brazil's IDR would trigger an upgrade of
    the notes in the same proportion.

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

-- The senior secured pass through notes' ratings are linked to
    the LT FC IDR of Brazil; hence, a downgrade of Brazil's IDR
    would trigger a downgrade of the rated notes in the same
    proportion.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The notes' ratings are driven by Brazil's sovereign LT FC IDR.



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

JAMAICA: Air Canada to Restore Service to Country in May
--------------------------------------------------------
RJR News reports that Air Canada says it will restore some service
along routes to Jamaica and other destinations beginning in early
May.

It is also looking to resume service to Barbados and Mexico as the
expiration of Canada's sunny destination flight ban ends on April
30, according to RJR News.

According to media reports in Canada, all major Canadian airlines
are planning to resume their vacation-destination routes, with some
tickets available for sale the next day, the report notes.

                     About Jamaica

Jamaica is an island country situated in the Caribbean Sea.
Jamaica
is an upper-middle income country with an economy heavily
dependent
on tourism.  Other major sectors of the Jamaican economy include
agriculture, mining, manufacturing, petroleum refining, financial
and insurance services.

As reported in the Troubled Company Reporter-Latin America on March
23, 2021, Fitch Ratings affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+', with a stable
outlook. Standard & Poor's credit rating for Jamaica stands at B+
with negative outlook (April 2020). Moody's credit rating for
Jamaica was last set at B2 with stable outlook (December 2019).  

According to Fitch, Jamaica 'B+'rating is supported by World Bank
Governance Indicators that are substantially stronger than the 'B'
and 'BB' medians, a favorable business climate according to the
World Bank Doing Business Survey, moderate inflation and moderate
commodity dependence. These strengths are balanced by vulnerability
to
external shocks, a high public debt level and a debt composition
that makes the sovereign vulnerable to exchange rate fluctuations.
The Stable Outlook is supported by Fitch's expectation that the
public debt level will return to a firm downward path
post-pandemic, which is underpinned by political consensus to
maintain a high primary surplus, the resilience of external
finances, and stronger economic policy institutions.





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

GRUPO ELEKTRA: Fitch Cuts LongTerm IDRs to 'BB', Outlook Stable
---------------------------------------------------------------
Fitch Ratings has downgraded Grupo Elektra, S.A.B. de C.V.'s
(Elektra) Long-term Local-Currency (LC) and Foreign-Currency (FC)
IDRs to 'BB' from 'BB+' and National Long-Term Rating to 'A+(mex)'
from 'AA-(mex)'. Fitch has also affirmed the National Short-Term
Rating at 'F1+(mex)'. At the same time, Fitch has downgraded Nueva
Elektra del Milenio, S.A. de C.V.'s (NEM) Local-Currency (LC) and
Foreign-Currency (FC) IDRs to 'BB' from 'BB+'. The Rating Outlooks
for Elektra and NEM were revised to Stable from Negative. A full
list of rating actions follows at the end of this release.

The downgrade reflects Elektra's weaker corporate governance
structure after a default of a related entity (TV Azteca). Elektra
indirectly owns 22.5% of TV Azteca and is controlled by the same
shareholder group, Grupo Salinas. TV Azteca's decision to
selectively default on its USD 400 million bonds by missing a
USD16.5 million coupon payment while using a portion of its USD160
million cash balance to repurchase MXN 1,211 (approximately USD58
million) of the outstanding Certificados Bursatiles (CB) through a
market transaction and to keep current on a related party loan from
Banco Azteca highlights potential conflicts of interest and
different treatment to creditors, which underscore corporate
governance concerns for the group. Additionally, the perception of
elevated corporate governance concerns also hold the potential to
impact external funding availability in the future and are
incorporated into the downgrade. Elektra's consolidated results for
2020 were affected mainly by lower profitability from the financial
division. The current operating environment continues to pressure
Banco Azteca S.A.'s asset quality due to the bank's focus on low to
middle low income segments.

The Stable Outlook reflects Elektra's long-term retail trajectory,
market position as one of Mexico's main department store chains,
operational and financial linkage with Banco Azteca S.A. (BAZ;
A+(mex)/Negative), as well as the company's sound liquidity
position.

NEM's ratings are equalized to those of its parent company Elektra
and viewed on a consolidated basis. This reflects Fitch's view of a
strong linkage (legal, operational and strategic) between NEM and
Grupo Elektra due to the importance of NEM for its parent. NEM
operates one of the two main businesses of the group and is the
subsidiary that operates the Mexican retail business and is the
parent company of the retail businesses in Latin America for Grupo
Elektra. Fitch also views NEM's operations as integral to Grupo
Elektra's core business, and some of its cash flows are used to pay
Grupo Elektra's debt. While most of Elektra's debt, excluding the
bank, is allocated at the holding company, the ratings incorporate
that allocation of debt may be more balanced between the holding
company and NEM in future.

KEY RATING DRIVERS

Higher Financial Leverage in Retail:

Fitch's analysis focuses primarily on Elektra's retail business and
excludes its financial arm. Elektra's retail-only gross adjusted
debt/EBITDAR was 3.1x in December 2020, and the adjusted net
debt-to-EBITDAR was almost 1.0x (considering cash and marketable
securities). In January 2021, the company issued USD500 million of
senior notes through a special purpose vehicle. Fitch expects
retail-only gross adjusted leverage to increase to 4.0x by the end
of 2021 and trend toward 3.5x by 2023. Retail-only adjusted net
debt-to-EBITDAR will go up to 1.7x by the end of 2021 before
gradually recovering to levels close to 1.5x in the next few
years.

Using the captive finance adjustment, as per Fitch's criteria,
consolidated gross adjusted debt/EBITDAR was 4.8x as of Dec. 31,
2020 driven mainly by BAZ's extraordinary provisions during the
year. This adjusted leverage ratio is expected to recover and trend
towards 2.5x in the next two to three years. Where financial
services (FS) activities are consolidated by a rated entity, Fitch
criteria assumes a capital structure for FS operations, which is
strong enough to indicate that FS activities are unlikely to be a
cash drain on retail operations over the rating horizon. Then the
FS entity's debt proxy, or its actual debt (if lower), can be
deconsolidated and the remainder debt used for credit metric
calculations.

Continued Challenging Operating Environment:

Non-food retail sales and overall traffic have been negatively
affected in most countries where Elektra operates by the
coronavirus outbreak due to temporary closures of non-essential
stores. However, most Elektra locations remained open because all
of its stores contain BAZ branches, and financial services are
considered essential.

Social distancing measures may continue to affect consumer behavior
even once restrictions are lifted. Together with the expected
pressure on household incomes, this may weaken consumer demand for
discretionary items and impact the recovery speed of non-food
retailers' revenues during 2021.

Strong Market Position:

Elektra's market position is supported by the diversification of
its operations and linkage with BAZ, a Mexican bank with a
widespread banking franchises in the country. Elektra has more than
70-year track record in the commercialization of durable goods,
with operations in four Latin American countries including Mexico.
The company also has a presence in the U.S. through its subsidiary
Purpose Financial Inc. (formerly Advance America), a payday lending
and other short-term financial services provider.

Elektra's omnichannel strategy includes not only retail but also a
financial business component. Since 2016, the company has invested
in servers and IT platforms to help support innovations that will
allow it to stay updated with consumer trends. Elektra generates
about 85% of the group's consolidated revenues in Mexico, including
retail and financial businesses. However, Fitch believes operations
in other countries across Latin America and the U.S. somewhat
mitigate revenue concentration.

BAZ Complements Elektra's Business Model:

The linkage between Elektra's retail and financial divisions is
strong as both depend on one another to complete service offerings
to customers. The retail division complements its product sales by
offering BAZ credit services, while BAZ maintains a strong base of
customers derived from Elektra and Salinas y Rocha's shoppers.
Notwithstanding the above, according to Fitch's Parent and
Subsidiary Rating Linkage criteria, legal ties between Elektra and
BAZ are weak due to the absence of guarantees and cross default
clauses between them. Fitch approach for Elektra's ratings
incorporates the assessment of Elektra's credit profile considering
potential future capital injections BAZ might require from Elektra.
Current assumptions consider no capital injections to BAZ over the
rating horizon.

BAZ's National Long-Term Rating of 'A+(mex)' with a Negative
Outlook reflects Fitch's expectations that the bank's operations
will continue to be pressured given the current operating
environment and BAZ's business model focused on low-income
individuals, which Fitch considers to be more sensitive to economic
cycles. Fitch expects BAZ's profitability to gradually recover to
pre-pandemic figures, after being severely impacted by an
extraordinary impairment provision and the deterioration in asset
quality. Fitch considers higher funding costs will continue to be a
challenge for the bank during 2021. BAZ has a robust position in
its main market, consumer loans to the medium-low income segment of
the population. Its ratings also include the bank's solid funding
structure through an ample, stable and diversified base of customer
deposits, its sound liquidity position and capacity to adjust to
adverse operating environments.

Continued Positive FCF:

Elektra's consolidated FCF has remained neutral to positive over
the last eight years, despite increasing capex and economic cycles.
In 2020, the company's FCF was MXN5.8 billion and Fitch expects it
to continue to be positive going forward.

Fitch estimates Elektra's capex for 2021 to be around MXN9.0
billion. Investments will be mainly focused on store remodeling,
Italika's additional production line and IT developments for the
retail and banking operations to support its commercial strategy.

Currency Exposure Partially Mitigated:

While debt is mainly composed of local currency issuances, some of
Elektra's inventory is exposed to currency variations as a portion
of it is linked to the U.S. dollar. This could potentially pressure
profit margins for some products if this effect is not reflected in
price increases, which might in turn affect sales volumes if the
effect is passed through prices. However, this exposure is
partially mitigated by Purpose Financial's cash flows and money
transfer fees collected in U.S. dollars by Elektra. Elektra has
partially covered its U.S. dollar cash flow exposure for 2021 by
entering in forward contracts.

ESG - Governance Structure: Elektra has an ESG Relevance Score of
'5' for Governance Structure. The company is owned by Ricardo
Salinas and his family. Grupo Salinas has shown various actions
that illustrate potential conflict of interests through different
treatment among different types of creditors. This includes TV
Azteca's recent partial prepayment of its MXN denominated local
bonds and non-payment to its USD denominated creditors.

DERIVATION SUMMARY

Elektra's ratings reflect the company's business profile as a
department store business focused in mid to low economic segment of
the population in Mexico and some countries in Latin America.
Elektra's stores scale is smaller than Lojas Americanas S.A.
(BB/Negative) but larger than Grupo Unicomer (BB-/Stable), and it
has one of the largest credit portfolios held by a retailer in the
region. The company is more geographically diversified than
Americanas but less than Grupo Unicomer; however, Mexico and the
U.S. are the countries that generate most of Elektra's cash and
have lower country risk than most of Unicomer's countries of
operations and Brazil, where Americanas is focused.

Elektra's financial profile is adequate when compared to regional
peers. The company has resilient operating cash flows in its retail
division compared to other retailers and it presents sound
financial flexibility due to its high levels of cash and marketable
securities. Elektra's profitability for its retail business is
above the average of Fitch's rated retailers globally, and its
operating margins and liquidity are relatively similar to those of
Americanas and higher than those of Unicomer.

KEY ASSUMPTIONS

-- Consolidated revenues grow 8.5% annually in average for 2021
    2024.

-- Annual growth of 6.0% in banking deposits;

-- Consolidated gross credit portfolio growth at 7.9% per year in
    average during 2021-2024;

-- NPL provisions of MXN14.4 billion per year in average;

-- Capex of MXN9.0 billion annually, in average;

-- Dividend payments growing at 5% per year;

-- The company refinances all its current debt maturities.

RATING SENSITIVITIES

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

-- A sustained decrease in adjusted leverage and adjusted net
    leverage for the retail division to levels below 3.5x and
    2.0x, respectively;

-- Sustained consolidated adjusted debt to EBITDAR (as per
    Fitch's methodology) below 2.0x;

-- A strengthening of the bank's creditworthiness coupled with
    solid performance of the retail business revenue,
    profitability and cash flow dynamics;

-- Fitch's perception of a strengthening in governance, building
    a track record of good governance practices which may include
    equal treatment to stakeholders, less related party
    transactions, improvement in financial transparency, among
    others.

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

-- Sustained adjusted debt to EBITDAR for the retail division
    above 4.0x;

-- Sustained adjusted net debt to EBITDAR for the retail division
    above 3.0x (including readily available cash equivalents, as
    per Fitch's calculations);

-- Sustained consolidated adjusted debt to EBITDAR (as per
    Fitch's criteria) above 3.0x;

-- Deterioration in BAZ's creditworthiness;

-- A further deterioration in corporate governance perception.

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

Sound Liquidity: As of Dec. 31, 2020, cash for the retail division
was MXN7.9 billion and short-term debt was MXN10.6 billion, mainly
composed of local issuances. In addition, the retail division
presented close to MXN11.7 billion of marketable financial
instruments portfolio (according to Fitch's calculations) as of
Dec. 31, 2020. Fitch considers the cash and marketable securities
at the retail business as readily available cash as there are no
constrains in its disposition.

Elektra is in the process of registering three new local issuances
for up to MXN7.5 billion to refinance short-term debt maturities.

SUMMARY OF FINANCIAL ADJUSTMENTS

Financial statements were adjusted to revert IFRS 16 effect.
Banking deposits were deducted from consolidated debt.

ESG CONSIDERATIONS

Elektra has an ESG Relevance Score of '5' for Governance Structure
resulting from ownership concentration and the company's related
party's aggressive treatment toward different stakeholders and
arrangements with related companies that benefit shareholders but
impact creditor's interests. This has a negative impact on the
credit profile and is highly relevant to the rating in conjunction
with other factors, resulting in a change to the rating to BB.

Elektra has an ESG Relevance Score of '4' for Financial
Transparency due to the level of detail and transparency of
financial disclosure. This has a negative impact on the credit
profile and is relevant to the rating in conjunction with other
factors.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, is a score of '3'. 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.

NACIONAL FINANCIERA: Moody's Cuts Series A-2 Bonds to Caa2 (sf)
---------------------------------------------------------------
Moody's de Mexico S.A. de C.V. has downgraded the global scale
ratings of Cl. A-2 CEDEVIS 07-VSM (Series A-2) from B3 (sf) to Caa2
(sf) and the national scale ratings from B1.mx (sf) to Caa1.mx, a
Mexican RMBS transaction issued by Nacional Financiera S.N.C.,
Institucion de Banca de Desarrollo, acting solely in its capacity
as trustee and serviced by Instituto del Fondo Nacional de la
Vivienda para los Trabajadores (INFONAVIT).

The complete rating action is as follows:

Issuer: Infonavit - CEDEVIS 07-VSM

Cl. A-2 CEDEVIS 07-VSM, Downgraded to Caa2 (sf) (Global Scale
Rating); previously on June 12, 2020 Downgraded to B3 (sf) (Global
Scale Rating).

Cl. A-2 CEDEVIS 07-VSM, Downgraded to Caa1.mx (sf) (National Scale
Rating); previously on June 12, 2020 Downgraded to B1.mx (sf)
(National Scale Rating).

RATINGS RATIONALE

The rating action on these bonds is prompted by the erosion of
overcollateralization (OC) from 13.8% in July 2020 to 7.4% in
January 2021. The primary cause of this erosion in OC was an
increase in the reference index used to formulaically adjust the
nominal value of the certificates (VNA) each year. In 2020, minimum
salaries (VSM) jumped by 15% year-over-year increasing the
reference index, which is tied to the value of VSM. Until 2019, the
VNA was adjusted by a different index, the Unidad de Medida y
Actualizacion (UMA). Looking ahead, Moody's expect this erosion in
credit enhancement will continue. This is the only issuance in the
Cedevis program with a series balance denominated in VSM.

Furthermore, the proportion of delinquent loans is on the rise.
Loans more than 180 days past due increased to 17.2% in January
2021 from 15.8% in July 2020, which could ultimately contribute to
higher losses.

The coronavirus pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of consumer assets from a gradual and unbalanced
recovery in Mexico economic activity.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

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

Factors or circumstances that could lead to an upgrade of the
ratings include: (1) performance of the underlying collateral that
is better than Moody's expected; (2) deleveraging of the capital
structure; (3) improvements in the credit quality of the
transaction counterparties; and (4) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include: (1) unsatisfactory data quality; (2) performance
of the underlying collateral that is worse than Moody's expected;
(3) an increase in sovereign risk; (4) deterioration in the notes'
available credit enhancement; (5) deterioration in the credit
quality of the transaction counterparties and (6) a determination
that the Series A-1 certificates updated by VSM will negatively
impact the level of credit enhancement available.

RATING METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
December 2020 .



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

CORPORACION AZUCARERA: Fitch Raises LongTerm IDRs to 'B+'
---------------------------------------------------------
Fitch Ratings has upgraded the Long-Term Foreign Currency and Local
Currency Issuer Default Ratings (IDRs) of Corporacion Azucarera del
Peru S.A. (Coazucar) to 'B+' from 'B'. Fitch has also upgraded
Coazucar's senior unsecured notes to 'B+'/'RR4' from 'B'/'RR4'. The
Rating Outlook is Stable.

The upgrade of the ratings reflects Coazucar's improved financial
performance and leverage ratios sustained below Fitch's previous
rating upgrade sensitivities. It also incorporates Fitch's
expectation that the company will be able to refinance its
outstanding 2022 senior unsecured bond during the next few months,
improving its debt amortization profile and currency denomination
mix.

KEY RATING DRIVERS

Solid Performance Despite Challenges: Fitch expects Coazucar's
financial performance to remain solid in 2021. Fitch forecasts an
EBITDA of approximately PEN474 million in 2021, consistent from
PEN492 million (IFRS16) in 2020, based on steady brown sugar prices
in the local market. Fitch expects Coazucar to maintain sugar
prices premiums in Peru above international prices due to its
strong market share and distribution capacity. The company's
premium was on average 9 cents per pound in 2020, with brown sugar
averaging 21 cents per pound in 4Q20, an almost 7 cents per pound
premium (or 46% premium) versus international prices. Fitch expects
the company to maintain a similar average premium in 2021. The
rebound in economic activity in Peru should help increase sugar
consumption as Fitch forecasts the country's real GDP to grow 8.8%
y-o-y in 2021 after a decline of 11.1% in 2020.

Stable Leverage: Fitch expects Coazucar's debt-to-EBITDA ratio to
remain stable through Fitch's rating horizon at about 3x based on
single-digit revenue growth and steady production. Fitch forecasts
the company's EBITDA margin to be around 26% due to higher
production costs. The company needs to address the refinancing of
its senior unsecured debt (USD213 million outstanding) due in
August 2022 and decrease its debt to revenue currency mismatch, as
most of its current debt is in U.S. dollars, to maintain the
company's strong leverage ratio for the rating category. Fitch
forecasts Coazucar will generate lower FCF of about PEN77 million
in 2021, compared to PEN128 million in 2020, due to higher capex.

Product and Geographic Concentration: The ratings incorporate risks
associated with the company's product concentration in sugar, which
represented 82% of Coazucar's revenues, alongside alcohol with 13%
and other products (blueberries, avocadoes and by-products) with 5%
in 2020. The sugar industry is inherently volatile by nature and
exposed to commodity price fluctuations and external factors, such
as extreme weather, as witnessed during 2017. Coazucar is
geographically concentrated in Peru, with about 76% of its revenues
generated in the country, with its remaining operations in Ecuador.
EBITDA from Peruvian operations accounted for 82% of total EBITDA
in 2020.

Currency Risk: Coazucar is exposed to currency risk, and Fitch
estimates that about 73% of the company's debt is still mostly
dollar-denominated without any hedge against local currency
depreciation. Only around 35% of revenues are in U.S. dollars due
to the group's operations in Ecuador and contracts in U.S. dollars
for exports and refined sugar. In Peru, Coazucar's revenues follow
the trend of the dollar-denominated international prices of sugar,
while its costs are mainly in Peruvian soles.

Support from Shareholders: Fitch factors into the ratings the
financial support from Coazucar's shareholders, the Rodriguez
family members, and the expectation that the shareholders will
continue to support the company financially if needed. Shareholders
have been forthcoming with financial support when required, as seen
with cash injections during 2016 through to 2018, and similar
levels of support are expected should the need arise in future.
Other investments of the Rodriguez family include Gloria S.A., the
leading dairy company in Peru, and Yura S.A., the leading cement
producer in southern Peru.

DERIVATION SUMMARY

Coazucar's ratings reflect its dominant domestic position as the
largest sugar producer in Peru, with about 56% market share.
Coazucar's proximity to owned sugarcane fields and low dependence
on third-party producers enables the company to price sugar in the
domestic market at a high premium compared to international prices,
which is not the case for same-sector Brazilian peers rated by
Fitch.

Coazucar also benefits from the support of the Rodriguez family,
which has been supporting the company's liquidity through cash
injections for the period of 2016 to 2018. The rating is tempered
by Coazucar's high inherent business risk due to the industry's
intense price volatility and performance exposure to weather
conditions. Coazucar's operations in Ecuador diversify its
production base, but carry higher sovereign risk than its Peruvian
operations. Coazucar is less diversified in terms of geographies
and products than Tereos SCA (BB-/Negative).

KEY ASSUMPTIONS

-- Single-digit revenue growth based on steady price and volume
    growth;

-- Capex of about PEN233 million in 2021;

-- Debt/EBITDA towards 3.0x-3.2x in 2021.

RECOVERY ANALYSIS

Fitch believes that a debt restructuring would likely occur under
stressed economic conditions and external shocks such as climatic
events or international commodity price pressure. Fitch has
performed a going concern recovery analysis for Coazucar that
assumes that the company would be reorganized rather than
liquidated.

Key going-concern assumptions are:

-- Coazucar would have a going-concern distressed EBITDA of about
    PEN289 million. This figure takes into consideration factors
    such as climatic events, production shutdowns and low
    commodity prices.

-- A distressed multiple of 6.0x due to the exposure to the
    agribusiness sector and strong market share in Peru.

-- A distressed enterprise value of PEN1.6 billion (less 10% for
    administrative claims).

-- Total debt of about PEN1.6 billion.

The recovery performed under this scenario resulted in a recovery
level of 'RR1', reflecting very good recovery prospects. Because of
Fitch's soft cap for Peru, which is outlined in Fitch's criteria,
Coazucar RR has been capped at 'RR4', reflecting average recovery
prospects.

RATING SENSITIVITIES

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

-- Gross debt/ EBITDA ratio below 3x on a sustainable basis;

-- Positive FCF;

-- Strong liquidity.

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

-- Bond not refinanced before 1Q22;

-- Gross debt/EBITDA ratio above 4x on a sustained basis;

-- Negative FCF.

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

Manageable Liquidity: Coazucar's liquidity is manageable. As of YE
2020, the company had PEN187 million in cash and equivalents versus
short-term debt of PEN232 million. Short-term debt comprises 15% of
total debt, with USD213 million in international bonds coming due
in August 2022.

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.



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

PETROLEOS DE VENEZUELA: Cuts Down Production After Explosion
------------------------------------------------------------
The Latin American Herald reports that Venezuela's state-run oil
company Petroleos de Venezuela (PDVSA) cut down production of light
crude oil by at least 30,000 barrels per day (bpd) after a natural
gas pipeline exploded, two people familiar with the matter told
Reuters.

The idled fields producing both light and sweet crude in Santa
Barbara, north of western Monagas state, may also jeopardize output
of Merey 16 crude, a blend of extra-heavy crude oil from the
Orinoco belt and lighter grades since PDVSA has been using this oil
field to dilute even further the extra-heavy crude oil, the main
component of Merey, according to The Latin American Herald.

The disruption comes after an explosion of a 36-inch pipeline
supplying natural gas to the Pigap II reinjection plant, an event
that Tareck El Aissami, the country's Minister of Petroleum,
described as an "attack," but that the opposition called "the
result of years of disinvestment and lack of maintenance," the
report notes.

PDVSA has idled production at 85 oil fields after the explosion,
one of the sources told Reuters under the condition of anonymity,
while the other said that some key projects had an inventory in
Santa Barbara to be used as a diluent but that was unclear how long
supplies would last, the report relays.

According to OPEC figures, the cash-strapped oil company has sought
to boost production, which hit its lowest level in a decade below
400,000 bpd, over the past few months, recovering to 538,000 bpd in
February of this year, although shy of the 1.5 million monthly
target for this year set by El Aissami, who is also on a
most-wanted list for having been indicted in the US on drug
trafficking charges in late April of 2020, the reports adds.

                           About PDVSA

Founded in 1976, Petroleos de Venezuela, S.A. (PDVSA) is the
Venezuelan state-owned oil and natural gas company, which engages
in exploration, production, refining and exporting oil as well as
exploration and production of natural gas.  It employs around
70,000 people and reported $48 billion in revenues in 2016.

In May 2019, Moody's Investors Service withdrew all the ratings of
Petroleos de Venezuela, S.A. including the senior unsecured and
senior secured ratings due to insufficient information. At the
time of withdrawal, the ratings were C and the outlook was stable.

Citgo Petroleum Corporation (CITGO) is Venezuela's main foreign
asset.  CITGO is majority-owned by PDVSA.  CITGO is a United
States-based refiner, transporter and marketer of transportation
fuels, lubricants, petrochemicals and other industrial products.

However, CITGO formally cut ties with PDVSA at about February 2019
after U.S. sanctions were imposed on PDVSA.  The sanctions are
designed to curb oil revenues to the administration of President
Nicolas Maduro and support for the Juan Guaido-headed party.



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

LATAM: Sees Possible 2nd Wave of New Strain COVID-19 Outbreak
-------------------------------------------------------------
The Latin American Herald reports that Latin American countries
have been witnessing a significant increase in coronavirus cases,
triggering concerns of a possible second wave of infections with
the detection of new strains of the virus.

The health crisis is exacerbating across the region, including in
major countries like Argentina and Brazil, according to The Latin
American Herald.

Brazil registered a record 90,570 COVID-19 infections in the last
24 hours on March 26.

It took the total number of confirmed cases to 11,871,390,
according to the daily figures released by the health ministry, the
report relays.

Argentina recorded 8,160 cases of COVID-19, bringing the total
infections to 2,234,913, the report says.

The report discloses that the total number of deaths in Argentina
increased to 54,476 after 113 fatalities in the last 24 hours, the
health ministry said.

Health Minister Carla Vizzotti advised citizens against traveling
abroad to minimize the introduction of new strains of the virus,
but ruled out the re-imposition of stringent lockdown, the report
says.

Moreover, 2,815 deaths from the coronavirus were recorded in the
last 24 hours - the second-highest figure after a record 2,841
deaths - taking the total to over 290,000 fatalities, the report
discloses.

Uruguay detected a record 1,616 cases, taking the total infections
to 78,401 since a health emergency was imposed in March last year,
the report discloses.

Eleven people aged 27-88 died in the last 24 hours, taking the
total number of lives claimed by the disease to 760, the report
relays.

Julio Pontet, head of the country's Intensive Medicine Society,
told EFE that they expected the number of patients under intensive
care to increase in the coming days.

Meanwhile, Paraguay has sounded a red alert across the country's
healthcare system due to the increase in COVID-19 cases and deaths,
the report notes.

The South American country recorded 42 deaths, its highest in a
single day, taking the total number to 3,662 in a country of 7
million people, the report discloses.

The total number of cases went up to 190,499 after 2,006 fresh
infections were detected in the last 24 hours - the second-highest
when 2,605 cases were recorded, according to official figures, the
report relays.

Venezuela detected 937 infections amid a growing trend in the daily
number of cases, which the government declared a "second wave," the
report notes.

"A second wave has started in Venezuela, which is much more
virulent," Vice President Delcy Rodriguez added.

Venezuela now has a total of 149,145 confirmed cases of the
coronavirus, with 1,475 deaths, the report relays.

Guatemalan authorities reported 908 fresh infections and 24 deaths,
taking the total to 186,740 cases and 6,663 fatalities, the report
relays.

The health ministry of Panama, a country of just 4.2 million
people, reported 715 fresh infections and 10 deaths in the last 24
hours, taking the total confirmed cases to 350,220 and 6,035
deaths, the report adds.


                           *********


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.
.


                  * * * End of Transmission * * *