/raid1/www/Hosts/bankrupt/TCRLA_Public/210402.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

          Friday, April 2, 2021, Vol. 22, No. 61

                           Headlines



A R G E N T I N A

AES ARGENTINA: Fitch Affirms LT IDRs & USD300MM Notes Rating at CCC
ENTRE RIOS PROVINCE: Fitch Raises LongTerm IDRs to 'CC'


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Losses Over Electrical Failures Exceed 10MM/Yr
DOMINICAN REPUBLIC: Tourist Activity to Return to Normal in 2023


J A M A I C A

JAMAICA: BOJ Says Inflation Rate in Line With Projections
JAMAICA: JDIC Working on Reforms to Limit Financial Crises


M E X I C O

NUEVA ELEKTRA: Fitch Lowers Local-Currency LT IDR to 'BB'


P A R A G U A Y

PARAGUAY: IDB OKs $250MM Loan for Efficient Public Resource Mgmt.


P U E R T O   R I C O

PILGRIM'S PRIDE: Moody's Rates $1BB Sr. Unsec. Notes 'B1'

                           - - - - -


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A R G E N T I N A
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AES ARGENTINA: Fitch Affirms LT IDRs & USD300MM Notes Rating at CCC
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Fitch Ratings has affirmed AES Argentina Generacion S.A.'s (AAG)
Long-Term Foreign-Currency (FC) and Local-Currency (LC) Issuer
Default Ratings (IDRs) at 'CCC'. Fitch has also affirmed AAG's
'CCC'/'RR4' ratings for the company's USD300 million senior
unsecured notes due 2024.

AAG's ratings reflect the company's exposure to the Argentine
sovereign, rated 'CCC', due to the electricity sector's reliance on
government subsidies and AAG's dependence on payments from
FONINVEMEM funds, which are an obligation of the Argentine
sovereign. Fitch also considers the company's counterparty risk
with Compania Administradora del Mercado Mayorista Electrico
(CAMMESA) and other market participants as the main off-takers, and
its improving metrics supported by relatively stable and
predictable cash flow generation. The ratings are constrained by
the macroeconomic environment, including high inflation and steep
currency devaluation.

Fitch expects AAG's credit metrics to remain solid, with gross
leverage of 3.7x in 2021, in U.S. dollar terms, and falling to 2.7x
in 2024, as electricity demand recovers and the company pays off
maturing term loans. Fitch believes these factors will compensate
for the expiration of the concession of a large hydro plant in
mid-2023 and allow the company some deleveraging capacity.

The 'CCC'/'RR4' ratings on the USD300 million senior unsecured
notes is based on AAG's equal FC and LC IDRs. AAG is capped at an
average Recovery Rating of 'RR4' as Argentina is categorized within
Group D with a soft cap of 'RR4'. This assumes a recovery in the
range of 31%-50%.

KEY RATING DRIVERS

Pesification of Energia Base: Fitch believes indexation of Energia
Base will be important for AAG and other producers, whose revenue
is nearly 60% derived from Energia Base when FONINVEMEM collections
are considered. With Resolution 31/2020, Energia Base was pesified,
or denominated in Argentine pesos, at an effective rate of ARS60
per USD. When compared with a YE2020 exchange rate of ARS84 per
USD, this implies some absorption of foreign exchange losses by
Energia Base producers. Fitch does, however, incorporate in its
base case that Base Energy will be indexed by the consumer price
index (CPI) on a quarterly basis beginning in April 2021.

Manageable Capital Controls Impact: Fitch considers AAG's exposure
to the recently implemented capital controls to be manageable. A
central bank rule limiting Argentine corporates' access to foreign
exchange reserves between October 2020 and March 2021 was extended
through the end of 2021. Following the restructuring of its USD20
million Goldman Sachs loan in February 2021, AAG's only remaining
2021 maturities with foreign lenders consisted of roughly USD15.8
million with Citibank New York. The 2021 monthly maturities of the
Citibank loan are USD2 million or less, which is the exception
allowed for in the central bank rule.

FONINVEMEM Receivables in Place: Fitch estimates AAG's EBITDA
generation affected by the pesificaction of Energia Base will be
compensated by the company's receivables from its FONINVEMEM
investments of approximately USD52 million in 2021, totaling nearly
USD200 million over the rating horizon. Upon repayment of the
outstanding USD220 million owed to AAG as of YE 2020, the company
will own equity stakes of 7% in Manuel Belgrano, an 868MW
combined-cycle plant, 6% in San Martin, an 865MW combined-cycle
plant and 30% in Guillermo Brown, a 578MW single-cycle plant.
Unlike CAMMESA, repayments of FONINVEMEM obligations are U.S.
dollar-denominated and have been made on schedule.

Heightened Counterparty Exposure: AAG depends on payments from
CAMMESA, which acts as an agent on behalf of an association
representing agents of electricity generators, transmission,
distribution and large consumers or the wholesale market
participants. Argentine generation companies received payments from
CAMMESA within 45 days after the close of the period, but payments
have been delayed to an average of 77 days in recent months.
Roughly half of the system cost in 2021 is expected to be funded
with government subsidies, and AAG is owed USD220 million through
FONINVEMEM, an Argentine sovereign-owned fund.

Hydro Concession Expirations: Fitch expects the expiration of
concessions for key hydro assets will lower the company's future
EBITDA to below USD100 million in 2024. The concession for the
1,050MW Alicura hydro plant on the Limay River is set to expire in
July 2023, which Fitch estimates will lower revenue by USD17
million on a full-year basis. The expiration of concessions for the
102MW Cabra Corral and 45MW El Tunal assets on the Juramento River
in November 2025 will have a less pronounced impact given their
smaller size.

Strong Credit Metrics: In 2020, the company's credit metrics
remained relatively strong, with gross leverage rising to 4.2x from
3.2x in 2019 and 3.7x from 2.8x on a net basis. The rise was
primarily due to the depreciation of the Argentine peso, as 95% of
AAG's debt is U.S. dollar-denominated and its revenue is
increasingly in pesos following the pesification of Energia Base.
Fitch estimates AAG's leverage will fall to 3.7x in 2021 due to
Energia Base inflation adjustments, improved energy demand and a
full year of operation for the newly-installed 200MW wind capacity.
Fitch expects leverage to fall to 2.7x in 2024 as the company pays
off maturing bank loans.

Strong Competitive Position: AAG owns a portfolio of diversified
generation assets regarding operational technologies and
geographical presence, which lowers business risk. The company has
a portfolio mix of 53% thermal, 40% hydro and 7% wind. This
combines with a large generation capacity of close to 3 gigawatts
and 7% of installed capacity in Argentina. The company's new 200MW
of wind assets are remunerated in U.S. dollars through the RenovAR
program and with industrial clients.

Uncertain Regulatory Environment: Fitch believes the electricity
market remains a priority of the Argentine government. Further
regulatory reform is highly probable to reduce costs and prevent
the system from becoming insolvent. Fitch estimates the government
transferred USD3.0 billion in funds to CAMMESA in 2020, which
represented 40% of the total implied cost of the system of USD7.6
billion. Fitch expects subsidies to increase to 50% of the system
cost in 2021 unless end-user tariffs are adjusted.

DERIVATION SUMMARY

AES Argentina's Long-Term FC and LC IDRs reflect the company's
exposure to CAMMESA as an offtaker, which is reliant on subsidies
from the Argentine government. This is the same situation for
Argentine utility and energy peers Pampa Energia S.A. (CCC), Capex
S.A. (CCC+) and Genneia S.A. (CCC). AAG is concentrated only in the
electricity generation sector, presenting a balanced portfolio
between thermal and hydro assets. Pampa has a more diversified
business profile as a leading company in electricity generation,
distribution, transmission, gas production and transportation.
While Capex has an advantageous vertical integration in the
thermoelectric generation, with the flexibility of having its own
natural gas reserves to supply its plants. Genneia is the leading
wind power generation provider in the country with an aggressive
expansion plan in renewables.

In term of credit metrics, AAG's gross leverage as of Dec. 31, 2020
reached 4.2x in peso terms, compared with Pampa at 3.7x, Genneia at
3.9x, Capex at 3.6x and Albanesi S.A. (CCC) at 3.9x. Leverage for
MSU Energy S.A. (CCC) was notably higher than its peers in 2020 at
6.6x, as the company recently completed significant capex projects
to close the cycle at three of its plants. MSU's leverage is
expected to fall to 3.1x by 2023, in line with its peer group. On a
net basis, AAG's leverage was 3.7x in 2020, reflecting USD53
million of cash and equivalents. Fitch estimates that AAG's
projected gross leverage will be just below 2.5x in the medium
term, slightly below its Argentine peers' median of 3.0x.

KEY ASSUMPTIONS

-- Recently installed 200MW wind capacity under Renovar in full
    operation in 2021, with AAG reaching a total installed
    capacity of 2,985MW;

-- Energia Base assets are remunerated under Resolution 31/2020,
    with inflation adjustments effective as of April 2021;

-- Gross generation of approximately 9,200GWh during 2021,
    falling to roughly 7,300GWh in 2024 after the expiration of
    the Alicura hydro concession in 2023;

-- AAG achieves generation capacity factors of 45% for thermal
    assets, 20% for hydro and 50% for wind during the rating
    horizon;

-- Minimal maintenance capex of USD13 million-USD21 million over
    the rating horizon;

-- No dividend payments in 2021;

-- U.S. dollar-denominated FONINVEMEM receivable of approximately
    USD52 million during 2021, USD50 million during 2022 and USD49
    million during 2023, all related to Guillermo Brown;

-- USD5 million dividends received during 2021-2022 from
    FONINVEMEM I & II;

-- Majority of USD300 million bond due 2024 is refinanced.

RATING SENSITIVITIES

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

-- An upgrade to Argentina's sovereign rating could result in a
    positive rating action.

-- Given the issuer's high dependence on the subsidies from
    CAMMESA, any further regulatory developments leading to a more
    independent market less reliant on support from the government
    could positively affect the company's collections and cash
    flow.

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

-- A downgrade of AES Argentina below 'CCC' would be due to
    Fitch's belief that a default of some kind appears probable,
    which will be represented by a 'CC' or 'C' given that the
    ratings of AES Argentina are linked to those of the sovereign
    due to the high reliance on government subsidies to the
    electricity sector.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: As of Dec. 31, 2020, AAG reported available
cash of ARS4,478 million (approximately USD53 million) covering one
year of interest expense, assuming no additional debt is raised.
Fitch expects the company will be able to comply with the newly
imposed central bank rules on foreign exchange reserve access for
corporate refinancing, given that its only remaining external
hard-currency maturities in 2021 will be at or below the allowable
exception of USD2 million per month. The company's main financial
obligation is a USD300 million bond due in 2024. Fitch expects the
company will have limited to moderate dividend and capex payments
over the rating horizon.

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.

ENTRE RIOS PROVINCE: Fitch Raises LongTerm IDRs to 'CC'
-------------------------------------------------------
Fitch Ratings has upgraded the Province of Entre Rios's Long-Term
Foreign and Local Currency Issuer Default Ratings (IDRs) to 'CC'
from 'RD'. Additionally, Fitch raised Entre Rios's Standalone
Credit Profile (SCP) to 'cc' from 'rd'. Fitch relied on its rating
definitions to position the province's ratings and SCP.

Additionally, Fitch has withdrawn the 'D' rating on Entre Rios's
8.750% senior unsecured notes due 2025 following the recent
conclusion of its debt restructuring process.

KEY RATING DRIVERS

The upgrade of Entre Rios's ratings to 'CC' reflects the completion
of the distressed debt exchange (DDE) on its senior unsecured notes
for USD 500 million. Fitch believes the formalization and operation
of the respective agreements, which amends the original terms and
conditions of these debt instruments, has cured the province's
restricted default situation.

Entre Rios completed its DDE on March 15, 2021. The province
received and accepted a total of USD485.7 million of its USD500
million 8.750% senior unsecured notes due 2025, or 97.15% of
acceptance, above the threshold set in the collective action
clauses (CACs). The rating actions reflect Entre Rios's recent
external debt restructuring process, continued refinancing risk,
exposure to Argentina's challenging macro and public finance
environment, sharp fiscal challenges that have deteriorated its
operating margin, and weak liquidity metrics.

The debt restructuring provides some external debt service relief
for the province until YE 2022. However, the 'CC' Long-Term Foreign
and Local Currency IDR reflect tight budgetary flexibility driven
by fiscal challenges at the national and local level, which
continues to hinder budgetary capacity. In addition, the recent
economic downturn, exacerbated by the coronavirus pandemic and
curtailment to the external market, has kept refinancing risks at
high levels. The ratings also reflect the province's tight
liquidity and weak debt service coverage ratios (below 1.0x), which
are expected to continue over the next three years in Fitch's
rating case.

Like some provinces, Entre Rios is responsible for covering
shortfalls in funding for its provincial public pension system in
the event of a structural deficit, an important expenditure risk
also reflected in the rating. Even though the province's operating
balance improved during YE 2020, due to a real-term operating
expenditure containment amidst fiscal uncertainty, Fitch estimates
that Entre Rios's operating balance will average around 3.9% of its
operating revenues during 2021-2023; and no provincial pension
reform is in sight.

The main amendments to the notes included an extension of
maturities (from August 2025 to August 2028); a modification of the
amortization profile to 12 capital installments from three (smooth
out principal repayments throughout the life of the amended notes,
with semi-annual payments in February and August beginning in
2023); and easing of the interest rate conditions (step-up at 5%
for the period from and including the Feb. 8, 2021, to but
excluding Aug. 8, 2022, 5.75% for the period from and including the
Aug. 8, 2022, but excluding Feb. 8, 2023, 8.10% for the period from
and including the
Feb. 8, 2023, but excluding Aug. 8, 2023 and 8.25% thereafter). The
new outstanding amount of the bond is USD 517.5 million.

Risk Profile: 'Vulnerable'

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

Debt Sustainability: 'b' category

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

Under Fitch's rating case scenario (2021-2023) the primary metric
of payback burden (net adjusted debt to operating balance) will be
higher than 25x with a score of 'b', reflecting the province's weak
operating balances. The actual debt service coverage ratio
(operating balance-to-debt service, ADSCR) will continue to be
below 1.0x; pointing to a 'b' score, resulting in a final 'b' debt
sustainability assessment.

Entre Rios is located in the central eastern region of Argentina,
and has a relatively well-developed agricultural sector. The local
economy is heavily based in agricultural, mainly soy and poultry,
and local GDP corresponds to around 1% of national GDP, with
below-average income per capita.

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

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

DERIVATION SUMMARY

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

KEY ASSUMPTIONS

Fitch's rating case scenario is a "through-the-cycle" scenario,
which incorporates a combination of revenue, cost and financial
risk stresses. It is based on 2016-2020 figures and 2021-2023
projected ratios. The key assumptions for Fitch's rating case
scenario include:

-- Average increase of 42.8% in operating revenue for 2021-2023
    in line with expected average inflation rate;

-- Average increase of 57.1% in operating expenditure from 2021
    2023, reflecting the expected average inflation rate;

-- Average net capital balance of around minus ARS5.6 billion for
    2021-2023;

-- Cost and stock of debt considers non-cash debt movements due
    to currency depreciation with an annual average exchange rate
    of ARS102.4 for 2021, ARS149.4 for 2022 and ARS211.1 for 2023.

RATING SENSITIVITIES

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

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

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

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

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

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of three notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

ESG CONSIDERATIONS

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

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

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



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

DOMINICAN REPUBLIC: Losses Over Electrical Failures Exceed 10MM/Yr
------------------------------------------------------------------
Dominican Today reports that the Dominican Electricity Transmission
Company (Eted) reported that the State's losses from kite
(chichigua) flying exceed 10 million pesos a year.

According to Maximo Cepeda, operations director of the Energy
Control Center, in the last two years more than 3,000 kite tails
have been removed, according to Dominican Today.  Most of the
system outages occur during the Easter holiday.

ETED general administrator, engineer Martin Robles Morillo,
Emergency Operations Center (COE) director Juan Manuel Mendez
Garcia, and Alberto Beras, better known as "el chichiguero", who
has been making and selling kites for over 20 years, asked parents
to guide their children about the danger of flying these kites
where there are power lines, the report notes.

They recommended flying them in open or clear places, such as on
beaches, where there is no danger, the report relays.

Robles Morillo announced that the campaign "Fly in a safe place"
will be launched, of which ETED has prepared capsules that will be
presented through the virtual classes of the Education Ministry
because, for this time of year, hundreds of people fly kites, which
causes the mobilization of ETED personnel to remove the ones that
fall to the power lines to avoid breakdowns, adding to this the
daily preventive maintenance tasks, the report discloses.

"The interruptions caused by the chichiguas represent millionaire
losses for ETED, which exceed 10 million pesos a year, only during
the time that children practice this hobby annually, an amount that
almost triples for the country," he pointed out, the report
discloses.

He explained that there are 105 substations in the country, of
which 40 belong to ETED and 65 are shared with power distribution
and generation companies, which have 30 brigades nationwide, 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: Tourist Activity to Return to Normal in 2023
----------------------------------------------------------------
Dominican Today reports that tourism activity in the Dominican
Republic is beginning to recover after the impact suffered by the
coronavirus pandemic, and one million more visitors are expected to
arrive in the country this year, compared to 2020.

However, it will not be until 2023 when the sector recovers the
level prior to COVID-19 when more than 6 million non-resident
foreigners arrived in the country, according to data published by
the Central Bank of the Dominican Republic, according to Dominican
Today.

According to the governor of the entity, Hector Valdez Albizu, this
year national tourist destinations will receive between 3.4 million
and 3.5 million non-resident visitors, although he clarified that,
if the situation caused by the pandemic is not normalized abroad,
it will be more difficult for the country to recover the previous
level, the report relays.

"Nobody stops our tourism, neither the good nor the bad. This is
the country that has the best organized tourism in all of Latin
America. I have faith that tourism will regain the position lost by
the pandemic," he said, the report discloses.

When presenting preliminary data on the behavior of economic
activity in February, he highlighted that tourism activity, in
times of stability, generates 7.4 billion dollars in income for the
country, the report relays.

                     1.1% Growth in February

Valdez Albizu reported that economic activity in the country
registered a growth of 1.1% last February, placing economic
performance in positive territory for the first time since the
start of the pandemic in March 2020, the report relays.

The sectors that contributed the most to the recovery of the
economy in February were construction, which showed a growth of
10.3%; mining, with 8.1%; local manufacturing, 6.5%; health, with
an expansion of 6.4%; real estate activities, 2.2%; commerce, 4.1%;
and agriculture, 1.4%, the report relays.

"The economic performance of February continues to be influenced by
the monetary stimuli carried out by the Central Bank, granting 5%
of the Gross Domestic Product (RD$215,814 million that have been
made available to the public through banks), placing RD$184,180.4
million", he highlighted, the report discloses.

                 2021 Will Close With Growth of 5.5%

The estimates of the monetary and financial institution indicate
that the economic growth of the country will be between 5% and 5.5%
by the end of this year, the report relays.

"We have come out of the negative ballast.  We are riding a train
that is moving forward with great vigor.  The product will continue
to grow in the remainder of the year.  We had said that after the
first quarter it was that we were going to start to have momentum,
but we are surprised that this has started in February. This
already changes the whole panorama in terms of what is expected",
said the governor, the report discloses.

                          The Dollar Rate

Valdez Albizu highlighted the downward behavior that the dollar
rate is registering. However, he said that the institution will
prevent it from "going too low", because the situation may mean a
brake on exports, mainly from the free zones, the report relays.

The US currency is in a process of decline that has led it to lose
more than RD$1.34 for every dollar, the report notes.  He explained
that the exchange rate has had an impact on the entry of foreign
currency into the country, the report discloses.

He argued that the monetary institution would apply some of the
mechanisms to prevent the peso from continuing to appreciate
against the dollar, specifying that one of them would be "buying
the currency, and giving the pesos," the report notes.

Valdez Albizu announced that this month US$900 million would arrive
in the country in remittances, the report discloses.  In addition,
he said that the Dominican economy will benefit from the economic
aid that the US Government is granting to its citizens, because
part of these resources will be reflected in investments and
remittances in the country, the report adds.

                     About Dominican Republic

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

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

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

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

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

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




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

JAMAICA: BOJ Says Inflation Rate in Line With Projections
---------------------------------------------------------
RJR News reports that although the inflation rate for February fell
below the lower limit of the Bank of Jamaica's target of four to
six per cent, the central bank says its current assessment remains
broadly in line with projections.

The BOJ maintains that inflation will average around five per cent
over the next two years, according to RJR News.

The central bank says the forecast anticipated that, while domestic
food price inflation would fall, oil price inflation would
accelerate, 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.

JAMAICA: JDIC Working on Reforms to Limit Financial Crises
----------------------------------------------------------
RJR News reports that the Jamaica Deposit Insurance Corporation
(JDIC) says it will continue to work on reforms aimed at minimizing
the occurrence and effects of financial crises locally.

These include establishing newer deposit protection schemes,
financial consumer protection and financial inclusion strategies,
according to RJR News.

The JDIC provides insurance against the loss of depositors' funds,
the report notes.

The entity estimates that the Deposit Insurance Fund's balance will
grow to $30.8 billion in the new financial year, the report
relays.

It projects a net surplus of $2.8 billion, the report adds.


                          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
===========

NUEVA ELEKTRA: Fitch Lowers Local-Currency LT IDR to 'BB'
---------------------------------------------------------
Fitch Ratings has downgraded the rating for the outstanding series
of notes issued by Mexico Remittances Funding Fiduciary Estate to
'BB+' from 'BBB-'. The Rating Outlook has been revised to Stable
from Negative. The rating actions reflect the recent downgrade of
Nueva Elektra del Milenio's (NEM) Local Currency Long-Term Issuer
Default Rating (LC LT IDR) to 'BB' from 'BB+' on March 26, 2021.
The 'BB+' rating translates to a one-notch uplift from the IDR of
the originator, NEM. The Stable Outlook on the notes reflects NEM's
Stable Outlook.

Mexico Remittances Funding Fiduciary Estate

      DEBT                RATING         PRIOR
      ----                ------         -----
2021-1 593035AA6    LT  BB+  Downgrade   BBB-

TRANSACTION SUMMARY

The future flow program is backed by existing and future
Reimbursement Remittance Transactions (RRT) originated mainly in
the U.S. that are processed by NEM money transfer operators (MTOs),
which transfer remittances to NEM via a reimbursement mechanism
model. The majority of RRTs are processed by MTOs that executed
notice and consent agreements, irrevocably obligating the
designated remitters (DRs) to make payments to an account
controlled by the transaction trustee. Fitch's rating addresses
timely payment of Principal & Interest on a quarterly basis.

KEY RATING DRIVERS

Future Flow Rating Driven by Originator's Credit Quality: The
rating of this future flow transaction is tied to the credit
quality of the originator, NEM. NEM's credit ratings are highly
linked to its parent, Grupo Elektra, S.A.B. de C.V, given the
strategic role NEM plays in consolidating the group's commercial
business.

Notching Differential Limited by Going Concern Assessment (GCA)
Score: Timely payment on the notes depends on the ongoing
performance of NEM's remittance business. NEM's GCA score of '3'
acts as a cap for the transaction rating. The GCA score provides an
indication of the likelihood that NEM continues to operate in the
event of default. The GCA score of '3' could allow for up to a
two-notch rating differential between the IDR of the originator and
the issuance; however, additional factors limit the maximum
uplift.

Notching Uplift from LC IDR Limited by Several Factors: The 'GC3'
score allows for a maximum two-notch rating uplift from the
company's LC IDR, pursuant to Fitch's future flow methodology.
However, uplift is tempered to one notch from NEM's IDR due to
factors mentioned below, including the relatively high future flow
debt relative to the company's balance sheet.

Future Flow Debt Relative to NEM's Balance Sheet: NEM has a limited
funding mix given that majority of funding is held at the parent
level. Additionally, the majority of liabilities held on NEM's
balance sheet are current liabilities due to affiliated companies.
The $500 million 2021-1 notes represent approximately 84% of NEM's
total funding utilizing financials as of December 2020. Fitch also
considered total future flow debt (including Intra Mexicana's local
future flow issuance) relative to Elektra's balance sheet,
representing approximately 34.1% of its total long-term funding.
These ratios are considered high by Fitch posing a constraint to
the assigned rating. Nevertheless, Fitch analyzed the potential
benefits the structure brings to the transaction to allow some
notching differentiation.

Pandemic's Impact: Remittance cash flows that have been sold to the
transaction have not been affected by the pandemic-related increase
in unemployment rates and sharp contraction of U.S. activity. NEM
paid out approximately $9.9 billion in reimbursement remittance
transactions between January 2020 and November 2020, an increase
from $8.2 billion throughout the same period in 2019.

However, Fitch expects recovery in the U.S. to slow sharply in 4Q20
and unemployment rates to remain above 7% throughout 2021. The
increase in unemployment rates with reduced unemployment benefits
can add pressure to remittance flows and the assigned ratings.

Coverage Levels Commensurate with Assigned Rating: When considering
maximum quarterly debt service and cash flows between December 2015
and November 2020 from DRs, the projected quarterly minimum debt
service coverage ratio (DSCR) is expected to be approximately
51.8x. The transaction would be able to withstand a decline in
flows of approximately 98% and still cover a maximum P&I payment.
Nevertheless, Fitch will monitor the performance of the remittance
flows, as potential pressures could negatively affect the assigned
ratings.

Parent Provides Corporate Guaranty: Elektra has provided an
irrevocable and unconditional guarantee on a senior basis to the
collateral agent on behalf of investors, guaranteeing the full and
prompt payment of all payments when due by NEM under the
transaction documents. Given the unconditional and irrevocable
nature of the guarantee in place, the rating of the transaction
will always be the highest of either Elektra' ratings or the
ratings of NEM plus the notching differential allowed by the GCA
score.

Foreign Exchange Risk Mitigated by Excess Cash Flows: The
transaction is exposed to a two-day rolling devaluation risk as
remittance flows are paid in Mexican pesos by the DRs, although the
liabilities are U.S. dollar-denominated. This risk is mitigated by
significant excess coverage in cash flows to support Mexican peso
depreciation.

Transfer and Convertibility Risk Caps Transaction Rating: The
transaction is exposed to transfer and convertibility risks as
securitized remittance flows are paid into an account in pesos. To
partially mitigate operational risk that may arise from
transferring and converting flows on a daily basis to an off-shore
account, the transaction maintains a reserve fund that covers one
maximum P&I payment. Nevertheless, this exposure caps the rating of
the transaction at Mexico's Country Ceiling of 'BBB+'.

RATING SENSITIVITIES

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

-- Fitch does not anticipate a ratings upgrade. However, given
    the unconditional and irrevocable nature of the guaranty
    provided by Elektra, NEM's parent, the rating of the
    transaction will always be the highest of either Elektra's
    ratings or the ratings of NEM plus the notching differential
    allowed by the GCA score. Therefore, if there is a positive
    rating action on either Elektra or NEM's ratings, a positive
    rating action could be triggered on the notes.

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

-- The transaction ratings are sensitive to changes in the credit
    quality of both Elektra and NEM. A further deterioration of
    the credit quality of Elektra or NEM is likely to trigger a
    negative rating action.

-- The transaction ratings are also sensitive to the ability of
    the remittance business line to continue operating, as
    reflected by the GCA score, and a change in Fitch's view on
    the company's GCA score can lead to a change in the
    transaction's rating. Additionally, the transaction rating is
    sensitive to the performance of the securitized business line.
    The expected quarterly DSCR is approximately 51.8x, and should
    be able to withstand a significant decline in cash flows in
    the absence of other issues. However, significant further
    declines in flows could lead to a negative rating action.

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.

DATA ADEQUACY

NEM provided Fitch with detailed information related to remittance
flows, including number of transactions, amount per transaction and
a breakdown of the remittance flows by the remitter. The data were
provided in a manner requested by Fitch and, upon review, found to
be adequate for the purposes of Fitch's analysis.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The future flow ratings are driven by the credit risk of Nueva
Elektra del Milenio S.A. de C.V as measured by its Local Currency
Long-Term IDR.

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.



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

PARAGUAY: IDB OKs $250MM Loan for Efficient Public Resource Mgmt.
-----------------------------------------------------------------
Paraguay will continue to seek greater transparency in order to
boost efficiency of public resource management with a $250 million
loan approved by the Inter-American Development Bank (IDB).

The project is the second of two consecutive operations, the first
of which was approved in April 2020 under the programmatic
policy-based loan (PBP) modality. This new operation aims to
enhance transparency of public spending, while ensuring that both
economic actors and citizens at large gain better access to public
information.

The program will include the Rindiendo Cuentas digital platform,
which provides open information about the country's public spending
during the COVID-19 pandemic. The platform includes features that
the public can use to submit comments, oversee public expenditure
and file any eventual complaints.

Another relevant element is the enactment of rules to prevent and
monitor asset laundering activities that are in line with Financial
Action Task Force (FATF) recommendations, such as the creation of
an administrative registry of individuals and legal entities as
well as a log of end beneficiaries and the adoption of an
operational analysis manual on suspicious activities.  

In the area of strengthening access to information and open
government policies, a high level of compliance with the 32
commitments included in Paraguay's Fourth Open Government Action
Plan by agencies and public entities from the three branches of
government is expected. These commitments include one specifically
on "accountability to indigenous peoples." Within the framework of
the program, specific recommendations will be made for raising the
level of participation of women's and indigenous organizations  in
order to adopt a gender and diversity approach in future open
government action plans and improve the quality of the information
that can be accessed through the Women's Observatory.

The $250 million IDB loan is for a 20-year term, with a 5.5-year
period of grace and an interest rate based on LIBOR.



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

PILGRIM'S PRIDE: Moody's Rates $1BB Sr. Unsec. Notes 'B1'
---------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to proposed $1
billion senior unsecured 10-year sustainability-linked notes being
offered by Pilgrim's Pride Corporation. Net proceeds from the
proposed offerings will be used to refinance through a concurrent
tender offer for its $1 billion outstanding 5.750% Senior Notes due

2025. The company's other ratings including the Ba3 Corporate
Family Rating and stable outlook are not affected.

The refinancing is modestly credit positive because it extends the
company's maturities without materially affecting cash interest
expense or leverage.

The interest rate on the proposed notes will be subject to a
25-basis point increase beginning in 2026 if Pilgrim's fails to
provide confirmation through a third-party verifier that it has
satisfied its target to reduce greenhouse gas emissions intensity
by 17.7% by the end of 2025.

The following ratings/assessments are affected by the action:

New Assignments:

Issuer: Pilgrim's Pride Corporation

Senior Unsecured Notes, Assigned B1 (LGD5)

The proposed notes are rated one notch lower than Pilgrim's Ba3
Corporate Family Rating, reflecting their effective subordination
to $1.2 billion of senior secured debt instruments, including a
$750 million asset-based revolving credit facility and a $469
million Term Loan, both maturing July 2023.

RATINGS RATIONALE

Pilgrim's Pride's credit profile (Ba3 CFR) is supported by its
position among the world's largest chicken processors, moderate
financial leverage, very good liquidity and, excluding exogenous
disruptions, relatively stable operating performance. This reflects
an operating strategy focused on maximizing profitability and
earnings stability. These strengths are balanced against the
company's narrow focus in the cyclical chicken processing industry,
which is characterized by volatile earnings and modest profit
margins. The company's appetite for potentially large leveraged
acquisitions is balanced against a history of notable purchase
price discipline.

Moody's evaluates Pilgrim's credit profile on a standalone basis.
Thus, the ratings are not directly affected by the credit profile
of its ultimate parent JBS S.A. (Ba2). However, developments at JBS
S.A.-related entities could indirectly affect Pilgrim's ratings.

ESG CONSIDERATIONS

The animal protein sector is heavily exposed to social risks
related to responsible production, health and safety standards and
evolving consumer life-style changes. The animal protein sector is
also moderately exposed to environmental risks such as soil/water
and land use, and energy & emissions impacts, among others. These
factors will continue to play an important role in evaluating the
overall creditworthiness of the animal protein companies, like
Pilgrim's Pride, particularly as the industry continues to evolve
globally.

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Moody's analysis has considered the effect on the performance of
consumer sectors from the current weak U.S. economic activity and a
gradual recovery for the coming months. Although an economic
recovery is underway, it is tenuous, and its continuation will be
closely tied to containment of the virus. As a result, the degree
of uncertainty around Moody's forecasts is unusually high. Moody's
regards the coronavirus outbreak as a social risk under its ESG
framework, given the substantial implications for public health and
safety.

Pilgrim's Pride's financial policy is balanced. While the company
regularly entertains leveraged acquisitions, it is a disciplined
buyer. Outside of acquisition events, the company typically
operates with debt/EBITDA in the 2.0x to 2.5x range. In addition,
the company maintains very good liquidity, a key rating
consideration.

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

The stable outlook reflects a fairly wide range of potential
earnings performance that is typical in the cyclical U.S. chicken
processing industry balanced against Pilgrim's very good
liquidity.

At the top of the cycle, Moody's expects financial leverage to be
very modest relative to comparably rated companies. Conversely, at
the bottom of the cycle, the company can often have financial
leverage that is well outside Moody's central expectations for the
rating for a limited period of time. High earnings volatility
should be balanced against a financial policy of maintaining
abundant access to cash and external sources of liquidity.

Pilgrim's ratings are constrained by the company's single-protein
concentration. However, the company's ratings could be upgraded if
the company enhances earnings stability through improvements in
business and product mix. Quantitatively, Pilgrim's ratings could
be upgraded if the company maintains at least a 6% operating profit
margin, positive free cash flow, sustains debt to EBITDA below
2.0x, and liquidity (cash and backup availability) of at least $1
billion.

Conversely, Pilgrim's ratings could be downgraded in the event of a
major leveraged acquisition or share buyback, deteriorating
industry fundamentals that lead to prolonged negative free cash
flow, or deteriorating liquidity. The ratings could also be
downgraded if legal, governance or other challenges at related
entities, including JBS S.A., negatively affect the risk profile of
Pilgrim's.

The principal methodology used in these ratings was Protein and
Agriculture published in May 2019.

Headquartered in Greeley, Colorado, Pilgrim's Pride Corporation
(NASDAQ: PPC) is the second largest chicken processor in the world,
with operations in the United States, U.K., European Union, Mexico
and Puerto Rico. The company produces, processes, markets and
distributes fresh, frozen and value-added chicken products to
foodservice customers, distributors and retail operators
worldwide.

Pilgrim's also is a leading integrated prepared pork supplier in
Europe.

For fiscal year 2020, Pilgrim's revenues totaled $12.1 billion.
Pilgrim's Pride is controlled by Sao Paulo, Brazil based JBS S.A.
(Ba2 stable), the largest processor of animal protein in the world.
As of July 27, 2020, JBS S.A. owns in excess of 80% of the
outstanding common stock of Pilgrim's.


                           *********


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
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Information contained herein is obtained from sources believed to
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.


                  * * * End of Transmission * * *